MOCA Coin Surges 370% Following Listings on Bithumb and Upbit
Moca coin (MOCA), the primary token of Mocaverse developed by Animoca Brands, increased by 370% in 24 hours but is now stabilizing as Bitcoin reached a new all-time high at $106,000.
The price surge is attributed to the listing of Korean won trading pairs on major South Korean exchanges Upbit and Bithumb. Listings typically attract more investors; however, some can lead to price declines as early investors exit.
Upbit confirmed that trading for MOCA will begin at 14:00 KST on December 16th, allowing trades in KRW, BTC, and USDT pairs. Deposits and withdrawals via networks other than Ethereum will not be supported, according to their announcement.
Bithumb announced a listing base price of 136 won for MOCA, which has been renamed Mocabus in accordance with regional market trends.
Animoca Brands co-founder Yat Siu expressed gratitude to both exchanges for facilitating access to Web3 for their customers, anticipating increased interest from South Korea's pro-crypto community.
MOCA Price Analysis
As of writing, MOCA is priced at $0.2224, reflecting a 154.74% increase over 24 hours, with a daily high of $0.4261, marking a new all-time high, after rebounding from a low of $0.08642. Current data indicates a market cap of $344.33 million and a trading volume of $1.21 billion.
The Relative Strength Index (RSI) for MOCA is at 85.63, signaling an overbought condition, which increases the likelihood of a correction. However, the RSI gradient suggests potential for further price increases.
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Source: TradingView
The MACD indicator shows a bullish divergence, with the MACD line crossing above the signal line, resulting in a bullish histogram. Caution is advised as rapid price increases may lead to profit-taking by buyers.