Here’s why Moca Network Coin price just pumped and dumped

Moca Network Coin formed a “God candle” and surged to a record high after receiving several exchange listings on Monday.

Moca Coin (MOCA) reached an all-time high of $0.4347, marking a 616% increase from its October low. This rally boosted its market cap to over $278 million and its fully diluted valuation to $1.6 billion.

The surge followed Binance Futures’ announcement that it would list MOCA with up to 75x leverage. This listing is significant, as Binance, the largest crypto exchange globally, provides access to millions of users who can now trade the coin.

Moca Coin was also listed on Bithumb and Upbit, two of South Korea’s largest exchanges. Other recent listings include Bullish, CoinList, and Tokenize. The majority of Moca Coin trading activity is occurring on Bybit, Bithumb, Bitget, and Kucoin.

Moca is a blockchain network developed by Animoca Brands, one of the most prominent investors in the crypto industry. It powers the Mocaverse, which aims to create the largest on-chain cultural economy.

Built on the LayerZero v2 protocol, Moca supports platforms across industries such as music, gaming, and education. Moca Coin is used to facilitate payments and cover transaction fees within the network.

Cryptocurrency prices often rally after receiving a major listing by companies like Binance, Upbit, and Bithumb. This rally is often accompanied by high volume and hype. In Moca Coin’s case, the 24-hour volume rose to over $1.2 billion, the highest level on record. 

However, such rallies are often short-lived as momentum fades. This explains why Moca Coin spiked to $0.4347 before experiencing a sharp reversal to $0.15.

Moca Network Coin price analysis

The 4-hour chart shows that MOCA went parabolic, reaching a high of $0.4290 following its multiple exchange listings. It then dropped to a low of $0.15, a critical level just above $0.1455, which was the highest swing on October 21.

Moca Coin remains above the 50-period and 100-period moving averages, while the Relative Strength Index has pointed downward. This indicates the possibility of a bounce as the coin approaches a “break and retest” pattern, a popular continuation signal.

The bullish outlook would be invalidated if Moca Coin falls below the support level at $0.1455.