- Mumu among the top gainers in the past 24 hours, at press time.
- Mumu targets $1 billion market cap.
Mumu the Bull (MUMU) has surged by 23% in the last 24 hours and 84% over the past month.
This memecoin, running on the Solana blockchain, has caught the attention of traders, with its performance ranking among the top in the market.
According to CoinMarketCap, MUMU’s 24-hour trading volume rose by 256%, currently sitting at $14 million.
This represents a volume-to-market cap ratio of 9.57%, with FDV of $155.51 million, showing strong liquidity in the market.
MUMU price action and prediction
Price action for MUMU has shown a clear breakout 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 seems set to achieve a $1 billion market cap, especially as the anticipated 2025 memecoin supercycle approaches.
Indicators, such as the MACD, confirm that bullish pressure remains strong, and trading volume is backing further price increases.
Source: TradingView
MUMU is also starting what appears to be the third wave of an impulsive Elliott wave pattern, with a target at $720 million based on Fibonacci levels.
Market sentiment shows that Mumu is gaining traction, with many traders optimistic about a breakout.
On the technical side, indicators like MA, RSI, and ADX on the 1-day chart are all signaling a continued upward trend for MUMU.
Source: Tradingview
The Average Directional Index (ADX) confirms strong momentum, and the price continues to sit comfortably above the moving averages.
These factors suggest MUMU could soon retest its previous highs, which were around $286 million, with projections for a rise to between $350 million and $480 million.
Open interest and long/shorts ratio
Futures data further supports this bullish outlook. The weighted funding rate stands at 0.0968%, meaning long traders are paying shorts, which indicates strong market confidence.
Coinglass data shows open interest levels are at their highest, reaching $4.64 million.
The long/short ratio sits at 6.5, meaning there are significantly 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 bullish.
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 climbing as liquidity and interest in the token grow, making it one to watch in the upcoming memecoin supercycle.
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