Mog Coin up 90% in 30 days: Top reasons why an ATH is within reach

MOG

As a seasoned crypto investor with a knack for spotting promising coins, I find myself intrigued by Mog Coin’s [MOG] recent surge. Doubling its market cap in just 30 days after a 90% rally is no small feat! The break above the ascending triangle pattern hints at MOG being prime for an all-time high, a prospect that has me rubbing my hands together with anticipation.

In the last month, the combined value of meme coins has risen significantly compared to other types of cryptocurrencies, with a nearly 30% increase bringing the total market capitalization to approximately $52 billion as of now, according to CoinMarketCap.

During the recent surge of meme coins, Mog Coin [MOG] has been one of the notable gainers. Over the past month, the price of MOG has skyrocketed approximately 90%, which has more than doubled its market capitalization from $374 million to a current value of $787 million at this moment.

After these increases, MOG is currently sitting at a 19% gap from its record peak. Given the continued volatility in the wider market, will MOG continue to rise or will sellers looking to cash out trigger a change in direction?

Mog coin price outlook

Mog Coin traded at $0.000001999 at press time after a 6% gain in 24 hours. On the one-day chart, MOG had formed an ascending triangle pattern, which suggests that the current trend could continue.

MOG’s system triggered a purchase recommendation following the triangle shape’s upper limit breach. The surge in buying actions is evident from the Relative Strength Index (RSI) line, which has spiked to 71.

The bullish sentiment is further reflected in the Moving Average Convergence Divergence (MACD) line, which has crossed above the signal line. The green MACD histogram bars further confirm buying pressure is increasing, and the uptrend could continue.

Mog Coin up 90% in 30 days: Top reasons why an ATH is within reach

Following Mog Coin surpassing the ascending triangle, it encountered resistance at the 100% Fibonacci point ($0.00000201). If the ongoing buying pressure manages to push through this resistance barrier, MOG is likely to strive for its next objective at 0.00000246, potentially reaching new highs and equaling its all-time peak values.

Instead, it’s worth noting that the top limit of an ascending triangle often serves as robust resistance. If the bulls don’t manage to sustain the price above this point, MOG might decrease and retest its support at $0.00000142.

MOG’s MVRV ratio shows THIS

As an analyst, I’ve noticed a significant surge in the Market Value to Realized Value (MVRV) ratio for Mog Coin, reaching 2.73. This indicates that the typical MOG investor currently holds an impressive unrealized profit of approximately 173%.

Mog Coin up 90% in 30 days: Top reasons why an ATH is within reach

A Multi-Variable Ratio Value (MVRV) greater than 2 often suggests that an asset is overpriced. Consequently, as investors cash out their gains, this might boost the rate of selling, potentially causing a decline in price.

Read Mog Coin’s [MOG] Price Prediction 2024-25

Looking at historical data, it’s been observed that the MVRV ratio of MOG coins has surged beyond 3 on prior occasions, which typically precedes a market correction. If past trends are any indication, there may still be potential for MOG Coin to experience further price growth.

From my analysis perspective, it appears that the supremacy of long traders might be waning. Following a significant surge that pushed funding rates to an all-time high, there has been a dramatic downturn, and they are now in the negative range. This shift towards negativity suggests an increase in the activity of short traders over long traders.

2024-10-15 03:03

Mog coin price outlook

MOG’s MVRV ratio shows THIS

Read More