Moo Deng (MOODENG) price witnessed an impressive rally throughout September, becoming a must-watch token in the crypto space. However, towards the end of the month, the altcoin’s fortunes turned, and it began a steep decline. 

As of this week, Moo Deng has become one of the biggest losers, with its price crashing by nearly 60%. Investors are now left wondering what led to this drastic drop.

Moo Deng Investors’ Mood Has Been Ruined

The market sentiment for Moo Deng has shifted sharply. After reaching an all-time high of $0.355, investor optimism quickly faded. The weighted sentiment, which gauges overall investor mood, has turned negative, signaling reduced confidence in the token’s recovery.

As sentiment declines, so does the chance of a swift rebound. The decreasing enthusiasm has led to lower trading volumes, worsening the price drop. Without renewed buyer interest, the coin’s recovery appears uncertain, raising further concerns among its backers.

Read more: What Are Meme Coins?

On the technical front, Moo Deng’s momentum has also turned decisively to the bearish side. The Relative Strength Index (RSI) has fallen below the critical neutral line of 50.0, a sign that the buying pressure is weak and that bearish momentum has taken over.

The drop in RSI from bullish to bearish reflects the broader market trend for Moo Deng. With the momentum favoring sellers, the coin is likely to experience more downward pressure in the near term. This could potentially drive the price even lower if the bearish conditions persist.

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Author: Aaryamann Shrivastava