- Mog coin continued to trade within a five-month range.
- A range breakout is not expected soon.
As a seasoned researcher with years of experience in the crypto market, I have seen my fair share of range-bound assets and their eventual breakouts (or lack thereof). After carefully analyzing the current trend of Mog coin [MOG], I must admit that while it’s showing some promising signs, a range breakout is not expected soon.
For the cryptocurrency Mog Coin (MOG), October was a particularly bullish month. It bounced back from the five-month lows it hit in September and turned the mid-range level into support early in October. Since the lowest points on October 26th, this meme coin has seen a 19.3% increase in value.
Could the current upward trend bring Mog Coin up to surpass its all-time high (ATH) by 22%, while Bitcoin [BTC] nears its ATH by only 3.6%? Is it possible that this bullish momentum could propel Mog Coin beyond its current price range’s peak?
Range formation for MOG
Since June, Mog Coin’s trading value has fluctuated between $0.00000075 and $0.00000236, but even with significant increases in October, it hasn’t managed to break free from this price range yet.
Over the past weekend, the mid-range price point of $0.00000155 was nearly revisited as a support level. Following this, the meme coin experienced a surge of more than 15%. However, on the 12-hour chart, the Awesome Oscillator continues to stay below the zero line.
It appears that the bulls were not gaining significant traction, as indicated by the persisting trend. Meanwhile, the Cumulative Match Factor failed to surpass the +0.05 threshold, suggesting a lack of substantial investment influx into the market.
Based on its current price movements, it appears that MOG continues to follow an upward trajectory. As long as it stays above the mid-level support point, we can expect it to potentially reach the upper range limits. Yet, a breakout might not happen immediately, and Bitcoin’s trends could influence MOG’s own direction.
Arguments for bearish pressure
According to data from IntoTheBlock, as of October 28th, about 78.3% of cryptocurrency holders were in a profitable position. This high percentage of profitable holders might result in increased selling due to profit-taking.
According to AMBCrypto’s analysis, the short-term liquidation map indicates further price increases are likely. The region between $0.00000206 and $0.00000214 may offer magnetic attraction for the price. Moving northward, the high points have made the $0.0000023 area a strong resistance level.
Realistic or not, here’s MOG’s market cap in BTC’s terms
In simpler terms, these highlighted areas appeared ideal for a quick increase (short squeeze) followed by a downward trend (bearish reversal). If the bulls maintain their strength, a breakout beyond the current range is plausible; however, considering the current situation, traders might consider cashing out at approximately $0.00000214 and $0.00000234.
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2024-10-30 00:07