As a seasoned researcher with a knack for deciphering market trends and a soft spot for cryptocurrencies, I must say that the Moca Network Coin’s recent surge has piqued my interest. The rapid rise to an all-time high following multiple exchange listings, particularly Binance, is reminiscent of a phoenix reborn from its own ashes.
On Monday, the price of Moca Network Coin spiked to an all-time high following multiple exchange listings, which gave it a significant boost, similar to the effect of a powerful candle in religious symbolism.
Moca Coin hit a record peak of $0.4347, representing a 616% jump from its lowest point in October. This surge propelled its total market value above $278 million and inflated its fully diluted evaluation to approximately $1.6 billion.
The spike occurred after Binance Futures declared they would offer MOCA for trading with up to 75 times leverage. This move is substantial since Binance, the world’s leading cryptocurrency exchange, will now allow millions of its users to engage in MOCA trades.
Moca Coin has been added to the roster of two significant South Korean exchanges, Bithumb and Upbit, alongside platforms like Bullish, CoinList, and Tokenize. Most trades for Moca Coin are happening on Bybit, Bithumb, Bitget, and Kucoin at this time.
Moca is a blockchain system designed by Animoca Brands, a significant investor within the cryptocurrency sector. This network serves as the foundation for the Mocaverse, an ambition to construct the biggest digital economy centered around culture.
On the foundation of LayerZero v2, Moca offers support for various sectors like music, gaming, and education. The role of Moca Coin in this ecosystem is to handle transactions and manage costs associated with them inside the network.
The value of cryptocurrencies tends to increase significantly following a significant listing on exchanges such as Binance, Upbit, or Bithumb. This surge in price is typically associated with high trading activity and excitement. Notably, Moca Coin saw its 24-hour trading volume soar to an all-time high of over $1.2 billion following the listing.
In other words, these surges in Moca Coin’s price, like the one that took it up to $0.4347, tend not to last long as their energy dissipates, which is likely why we saw a significant decline back down to $0.15 afterwards.
Moca Network Coin price analysis
On the 4-hour chart, MOCA experienced a steep ascent, peaking at $0.4290 after being listed on several exchanges. However, it subsequently plummeted to an all-time low of $0.15, dipping just above a crucial point around $0.1455 – the highest swing recorded on October 21.
Moca Coin is currently hovering above both its short-term (50-period) and long-term (100-period) moving averages. However, the Relative Strength Index has shown a decline. This suggests that the coin might experience a rebound since it’s approaching a “break and retest” pattern, which is often seen as a reliable continuation signal.
The bullish outlook would be invalidated if Moca Coin falls below the support level at $0.1455.
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2024-12-16 18:09