- Mog Coin has rallied by over 30% in 24 hours to an all-time high of $0.00000316.
- Open interest has also increased to record highs of over $1.35 million.
As a seasoned crypto investor with a knack for spotting trends and a penchant for taking calculated risks, I find myself intrigued by the recent surge of Mog Coin (MOG). Having witnessed the rollercoaster ride that is the cryptocurrency market, I must admit, this 31% rally in just 24 hours has caught my attention.
Currently, Mog Coin (MOG) is being traded at $0.00000316, marking a significant 31% increase over the past day. This surge has MOG moving closer to joining the ranks of the top 100 largest cryptocurrencies, as its market capitalization surpassed $1 billion for the first time ever.
According to data from CoinMarketCap, a significant surge in trading volumes (over 300%) within a 24-hour period has sparked heightened enthusiasm for the meme coin.
On December 6th, Mog Coin hit a record peak at $0.00000338, primarily due to its addition to the listings on Coinbase, causing quite a stir in the cryptocurrency market.
Can MOG sustain the gains?
In the past few days, MOG has experienced significant growth, leading every wallet associated with it to become profitable. This development might prompt a wave of selling, since it’s often seen with meme coins when they surge in value.
On MOG’s daily chart, the Relative Strength Index (RSI) stands at 66, indicating that the buying force is dominant over the selling pressure in the market trend. Moreover, the RSI is climbing upward and consistently stays above its signal line, suggesting a strong bullish momentum.
Keep an eye on the ascending broadening wedge formation in trading, as it often signals an upcoming trend reversal. If the Market Opening Gap (MOG) doesn’t manage to surpass the upper trendline and instead remains within this channel, it might indicate accumulation and potentially trigger a downward breakout.
Even though the market trend appears to be bearish based on certain patterns, the Trend Strength Index (TSI) indicates that the overall uptrend is still robust as it has switched from bearish to bullish. If the TSI continues to remain positive, it’s likely that MOG will see further growth and potentially reach new record highs.
If the TSI (Technical Strength Index) begins to decrease and the Mean of Gain (MOG) goes under the support level at $0.0000022, this would signal a potential bearish reversal in the trend.
Open interest rises to record highs
MOG’s open interest is rising concurrently with its price, indicating a positive outlook. Currently, the open interest is approximately $1.35 million, marking a 30% increase over the past day, according to Coinglass.
With more job openings appearing on MOG within the derivatives sector, there’s a strong indication that prices could surge as a result of boosted market liquidity.
Keep in mind, excessive increases in open interest among traders might lead to increased price fluctuations, so it’s important to stay vigilant.
Active addresses on the rise
Over the past seven days, there’s been a significant surge in the number of daily active addresses on MOG, according to information from IntoTheBlock. Specifically, these addresses have grown from approximately 1,000 earlier this week to reach 1,670 now.
If these addresses rise proportionally with the Relative Strength Index (RSI), it suggests a surge in purchasing activity. Consequently, if these addresses begin to decrease, it might trigger a downward trend as a result of diminishing buying demand.
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2024-12-07 08:07