The cryptocurrency that grew by 380% in a week is named

The cryptocurrency created by Reddit users, r/CryptoCurrency Moons (MOON), has grown significantly over the past week, with its value rising by 382%. However, over the past 24 hours, the token has shown a significant drop. According to CoinGecko, MOON dropped by 10% over the past day.

According to the results of technical analysis of the daily chart, the price of MOON has been rising since June 14. According to analysts, the growth was the result of Reddit’s recent decision to phase out support for non-tokenized coins and Reddit rewards. There are also rumors about a possible listing of the cryptocurrency on the Kraken exchange. on July 19, MOON reached a new all-time high of $ 0.65, but the token is currently trading at $ 0.44.

The nearest support levels for r/CryptoCurrency Moons are expected at $ 0.43 and $ 0.37. After that, the growth may continue towards the historical high of $ 0.65, the crypto community is convinced. Despite the short-term bearish behavior of the token, the growth of the MOON price above the historical high of $ 0.65 will mean that the trend is bullish. In this case, the token could move to the next resistance at $ 0.85.

The MOON cryptocurrency is part of the digital asset subreddit. The coin operates on the Ethereum network. Anyone who actively interacts in the subreddit through posts and comments can earn the asset. The coins will be transferred to the Vault cryptocurrency wallet, which was integrated into Reddit last year. It is reported that Reddit even has special editors dedicated to MOON mining.

In February of this year, the MOON rate was higher than that of 100 fiat currencies. One MOON traded for $ 0.21 was worth more than a unit of fiat currency in Argentina, Brazil, China, Costa Rica, and Egypt.