- Mog Coin maintained its bullish market structure even after the market-wide price crash last week
- Fibonacci extension levels underlined the possibility of another 55% and 91% move north
As a researcher with experience in analyzing cryptocurrency markets, I find Mog Coin’s (MOG) resilience to last week’s market-wide price crash quite intriguing. Despite the losses, MOG maintained its bullish market structure and showed potential for further gains based on Fibonacci extension levels.
MOG, the nickname for the memecoin, bounced back from its weekly setbacks swiftly. Its bullish trend persisted, resulting in a significant increase of 71% within a six-day span. Yet, it experienced a downturn more recently, shedding approximately 15% of its worth over the past day.
As of the latest update, the memecoin held the 99th position on CoinMarketCap with a market value of approximately $583 million. Given its current size, fluctuations in value aren’t unexpected.
Fibonacci levels laid out the next move for Mog Coin
Based on the mid-June price surge, Fibonacci retracement and extension lines (pale yellow) were calculated. The defense of the $0.00000124 area (green) indicated a robust bullish trend. Buyers successfully regained an early June support level, which aligned with the 61.8% retracement.
Since May, the Awesome Oscillator of OBV (On-Balance Volume) has been climbing steadily, signaling a strong buying trend for this memecoin. The Awesome Oscillator recently moved above the zero line, marking a bullish shift in momentum.
Over the last two days, the $0.00000165-$0.00000175 range has presented a challenge for potential buyers. However, optimistic investors in MOG (Mogul Productions) believe that this zone will soon transition into a support area.
Increased network activity and holders sitting pretty
On July 7th, the network expansion indicator experienced a significant surge, marking the creation of 760 new addresses that day. A persistent upward trend in this indicator suggests growing adoption and expansion. Simultaneously, the MVRV indicator over the preceding 90 days stood at 41.87%.
Read Mog Coin’s [MOG] Price Prediction 2024-25
A significant number of token holders experienced gains based on these findings. The peak value of MOG on July 1st served as the catalyst for their profits and fueled optimistic attitudes towards the token. However, be cautious as this surge could potentially spark a selling frenzy due to profit-taking activities among traders.
As a researcher observing the market trends, I’d like to note that the average dollar amount invested is gradually increasing at this moment. This could be an indication of investors adopting a longer-term perspective on their investments.
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2024-07-13 08:07