Key Points
- Mocaverse’s primary token, Moca coin (MOCA), saw a 370% surge in value following its listing on South Korean crypto exchanges Bithumb and Upbit.
- Despite the initial surge, the coin is now on a cooldown path, mirroring the broader digital asset space.
Moca coin (MOCA), the main token of the blockchain ecosystem Mocaverse, developed by Animoca Brands, experienced a significant increase in value, soaring by up to 370% in a single day. However, it is now experiencing a cooldown, similar to the overall trend in the digital asset market, which also turned green with Bitcoin hitting a new all-time high at the $106,000 price level.
The surge in MOCA’s value can be attributed to the listing of Korean won trading pairs on leading South Korean cryptocurrency exchanges, Upbit and Bithumb. Such listing events are typically bullish for altcoins as they open up to a wider investor base. However, it’s worth noting that some listings have resulted in significant price drops as early investors use the event as an exit strategy.
Listing Details and Reactions
Upbit has confirmed that its users will be able to trade MOCA in KRW, BTC, and USDT pairs, with trading commencing at 14:00 KST on December 16th. However, it’s important to note that MOCA deposits and withdrawals via networks other than Ethereum will not be supported, according to the listing announcement.
Similarly, Bithumb has also announced that its customers can trade MOCA with a listing base price of 136 won. Both exchanges have renamed the token to Mocabus to align with the regional market.
Following these announcements, Animoca Brands’ co-founder Yat Siu expressed his gratitude to Upbit and Bithumb for their proactive measures, which allow their customers to gain exposure to the Web3 space. He believes that the tech-savvy and pro-crypto South Korean community will help expand MOCA’s presence throughout the country.
MOCA Price Analysis
As of writing, MOCA is trading at $0.2224, having increased by 154.74% in the past 24 hours and reaching a daily high at $0.4261. This peak represents a new all-time high for the altcoin, which had earlier rebounded from a daily low of $0.08642. CoinMarketCap data shows that the digital asset has a market cap of $344.33 million and a massive trading volume of $1.21 billion.
The Relative Strength Index (RSI) for MOCA’s price trajectory is currently at 85.63, indicating that the altcoin is overbought. This suggests that a price correction may be imminent. However, the upward trend of the RSI line also suggests the possibility of higher prices.
The MACD indicator in the daily chart confirms that MOCA just witnessed a bullish divergence with the MACD line (blue) breaking above the signal line (red), resulting in a bullish histogram. It’s worth noting that skyrocketing prices might reach their peak once buyers start taking profits, so all positions should be opened with caution.
