- Mog Coin has rapidly made up for its two-month retracement phase and then some.
- A short-term consolidation before the next leg higher is likely.
As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market volatility and price movements. Mog Coin’s [MOG] recent rally has been nothing short of impressive, making up for its two-month retracement phase and then some. However, I believe a short-term consolidation before the next leg higher is likely.
As an analyst, I’ve noticed that MOG, or Mog Coin, has been experiencing another steep upward trend recently. This new rally is giving a run for its money against the impressive 857% surge we witnessed back in late February, which took only 12 days to materialize. In contrast, the current upward trend for Mog Coin has seen a more measured increase of approximately 292% over just the past two weeks.
Despite the potential for a 15-20% pullback from present market values, the forecast for Mog Coins indicates a robustly optimistic outlook.
Given its market value of $555 million, there’s potential for further growth based on the optimistic signals indicated by the price chart.
The former highs might not be retested as support
Expert: The MOG bulls can look forward to more good news. Not only have they experienced substantial growth over the last fortnight, but the value of their meme coin has surpassed the previous resistance level, which was the peak of the March rally.
The trading volume was also higher than the past month’s average.
Despite a significant retreat that came close to challenging the 78.6% Fibonacci retracement level, the On-Balance Volume (OBV) for this token continued to climb higher rather than following a downward trend since March. This uptrend in OBV indicated robust buying activity.
In April, the Relative Strength Index (RSI) dropped below the 50-mark. However, it surged past this threshold in mid-May, signaling a bullish trend. This upward momentum has continued strongly since then.
The 23.6% extension level has been tested as resistance already.
Given the powerful surge past the nearby resistance level at $0.00000122, it’s likely that there won’t be a significant correction.
The driving force and increasing interest could push prices up towards the 61.8% mark. About three weeks after that, a pullback to the $0.00000122 support area may create a favorable moment for purchasing.
The short-term sentiment was losing bullish conviction
As a crypto investor, I’ve noticed an intriguing development over the last few days. The price of my chosen cryptocurrency has surged significantly, and this price rise has been accompanied by a substantial increase in Open Interest (OI). In just four short days, the OI nearly doubled, growing from $9 million on May 24th to an impressive $17.47 million at the time of writing.
Read Mog Coin’s [MOG] Price Prediction 2024-25
Over the last 24 hours, I’ve observed a subtle decline in both the Mog Coin price and open interest (OI). This suggests a slight change in investor sentiment. Nevertheless, my analysis maintains a positive outlook for Mog Coin’s future price movement.
As a crypto investor, I believe that some consolidation in the market could help revitalize the bullish sentiment. However, if Bitcoin (BTC) were to dip below $67,000, it could potentially lead to a negative shift in market sentiment.
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2024-05-29 04:07