Moca Network coin formed a “God Candle” and surged to a record high after receiving multiple listings on exchanges on Monday.
Moca Coin (MOCA) hit an all-time high of $0.4347, up 616% from its October low. The rally increased its market capitalization to more than $278 million and its fully diluted valuation to $1.6 billion.
This surge follows Binance Futures’ announcement that it will list MOCA with up to 75x leverage. This listing is important because Binance, the largest cryptocurrency exchange in the world, provides access to millions of users who can now trade the coin.
Moca Coin was also listed on Bithumb and Upbit, two of the largest exchanges in South Korea. Other recent listings include Bullish, CoinList and Tokenize. Most of Moca Coin’s trading activity occurs 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 online cultural economy.
Built on the LayerZero v2 protocol, Moca supports platforms in various industries such as music, gaming and education. Moca Coin is used to facilitate payments and cover on-chain transaction fees.
Cryptocurrency prices often rise after receiving a major listing from companies such as Binance, Upbit and Bithumb. This rally is often accompanied by high trading volume and excitement. In the case of Moca Coin, 24-hour volume grew to over $1.2 billion, the highest level ever.
However, such gains are often short-lived as momentum wanes. This explains why Moca coin rose to $0.4347 and then sharply reversed to $0.15.
Moca Network Coin Price Analysis
The 4-hour chart shows that MOCA went parabolic, hitting a high of $0.4290 after multiple listings on exchanges. It then fell to a low of $0.15, a critical level just above $0.1455, which was its swing high on Oct. 21.
Moca Coin remains above the 50 and 100 period moving averages, while the relative strength index pointed lower. This indicates the possibility of a rebound as the coin approaches a breakout and retest pattern, a popular continuation signal.
The bullish outlook will be invalidated if Moca Coin falls below the support level at $0.1455.
