- Mumu among the top gainers in the last 24 hours, as of press time.
- Mumu is targeting a market capitalization of $1 billion.
Mumu the Bull (MUMU) has surged 23% in the past 24 hours and 84% in the past month.
This memecoin, running on the Solana blockchain, has attracted the attention of traders, with its performance among the best on the market.
According to CoinMarketCap, MUMU’s 24-hour trading volume increased by 256%, currently sitting at $14 million.
This represents a volume to market capitalization ratio of 9.57%, with an FDV of $155.51 million, showing strong liquidity in the market.
MUMU Price Action and Prediction
The price action of MUMU showed a clear break from an ascending wedge pattern, followed by a consolidation phase.
The coin formed a descending triangle, successfully testing this breakout with a double bottom pattern, indicating a continuation of the uptrend.
With this bullish momentum, it appears poised to reach a $1 billion market cap, even more so as the memecoin supercycle predicted for 2025 approaches.
Indicators, such as the MACD, confirm that bullish pressure remains strong and trading volume supports further price increases.
Source: TradingView
MUMU is also launching what appears to be the third wave of an impulsive Elliott wave pattern, with a target of $720 million based on Fibonacci levels.
Market sentiment shows Mumu gaining ground, with many traders optimistic about a breakout.
On the technical side, indicators such as MA, RSI and ADX on the daily chart all signal a continued uptrend for MUMU.
Source: Tradingview
The Average Directional Index (ADX) confirms strong momentum and price continues to sit comfortably above the moving averages.
These factors suggest that MUMU could soon retest its previous highs, which were around $286 million, with projections of an increase between $350 million and $480 million.
Open Interest and Long/Short Ratio
Futures data further supports this bullish outlook. The weighted funding rate stands at 0.0968%, meaning long traders are paying shorts, indicating strong market confidence.
Data from Coinglass shows that open interest levels are at an all-time high, reaching $4.64 million.
The long/short ratio stands at 6.5, meaning there are many more long traders than short traders, reinforcing the positive sentiment.
Source: Coinglass
This ratio reflects the actions of top traders, and with a majority favoring long positions, the outlook for MUMU remains optimistic.
Mumu the Bull is on a strong upward trajectory, with technical indicators and market sentiment both supporting higher prices.
Traders are optimistic that MUMU will continue to rise as liquidity and interest in the token increases, making it a topic to watch in the next memecoin supercycle.
