MOODENG and MEW: Robinhood Listing Sparks 30% Crypto Pump – Larry David’s Take 🤷‍♂️

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  • MOODENG and MEW crypto jumped over 30% after Robinhood’s listing. 🚀
  • MEW was at higher risk of retracement if spot market demand remains muted. 🤔

Moodeng [MOODENG] and cat in a dogs world [MEW], extended their rallies to over 30% on the 23rd of May. This was after their listing on Robinhood, one of the most popular retail trading platforms, on the 22nd of May. 🎉

The pump lifted the memecoins into top daily gainers across the Solana [SOL] ecosystem on the 23rd of May. But what’s next for traders eyeing these viral gems? 🤑

For MOODENG, the memecoin jumped 37% on the 22nd of May but gave back some of the gains at the time of writing. 📈

Since the 8th of May, the baby hippo-themed coin has recovered by over 700%. That’s a 8x return after it tanked over 90% in Q1 and was slammed as a ‘vaporware’ by CT (Crypto Twitter). 🤦‍♂️

From a technical perspective, the rally was not over. The price action formed a bullish rising triangle pattern. If validated, a breakout from the pattern may push the memecoin higher to $0.50 — A potential 44% gain. 🚀

The massive capital inflows and strong demand, as shown by positive readings on the CMF (Chaikin Money Flow) and RSI (Relative Strength Index), reflected bulls’ leverage. 💪

MEW speculators were also in a great position for extra gains. At press time, MEW was up over 26% in the past 48 hours. 📈

Interestingly, the extended rally has emboldened bulls after MEW reclaimed the 200-day EMA (Exponential Moving Average, blue) and flipped a previous resistance of $0.0035 into a support (white zone). 🤩

Now, the memecoin is back to the 2024 Q1 price range of $0.0035 and $0.0060. Simply put, MEW may tag the upper-range, potentially offering an extra 32% if hit. 🚀

However, the bullish outlook above may be invalidated if MOODENG breaks below the triangle pattern and MEW slips below the $0.0035 support. 🤔

But degens front-ran the Robinhood MEW listing with massive leverage, as shown by a sharp spike in aggregated Open Interest (OI). 🤑

On the contrary, spot CVD declined sharply, indicating that the rally was mainly driven by leverage. If the spot market demand fails to improve, a sharp pullback may follow. 🤦‍♂️

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2025-05-24 09:13