Within the last month, meme coins have been performing exceptionally well when compared to the wider cryptocurrency market. Over this period, the collective market capitalization of meme coins has seen a significant uptick of close to 30%, currently standing at $52 billion according to data from CoinMarketCap.
Mog Coin [MOG] has emerged as a standout performer amidst this meme coin rally. Over the past 30 days, the price of MOG has surged by approximately 90%, leading to a doubling of its market capitalization from $374 million to $787 million at the time of writing.
Having approached its all-time high, with just a 19% gap remaining, the question arises whether MOG can sustain its upward momentum in the face of market volatility, or if profit-taking activities could trigger a reversal in trend.
Prospects for Mog Coin Price Movements
At the time of writing, Mog Coin is trading at $0.000001999, having witnessed a 6% increase over the past 24 hours. Technical analysis on the one-day chart reveals the formation of an ascending triangle pattern for MOG, hinting at a potential continuation of the current uptrend.
A buy signal was triggered for MOG following a breakout above the upper boundary of the triangle pattern, with the Relative Strength Index (RSI) surging to 71, indicating heightened buying activity. The Moving Average Convergence Divergence (MACD) line crossing above the signal line further bolsters the bullish sentiment, as evidenced by the rise in green MACD histogram bars.
Breaking free from the ascending triangle, Mog Coin faced resistance at the 100% Fibonacci level ($0.00000201). Sustained buying pressure beyond this point could propel MOG towards its next target at $0.00000246, setting the stage for a potential push to its previous all-time highs.
On the flip side, the upper threshold of the ascending triangle typically acts as a robust resistance level. Failure on the part of the bulls to maintain price above this level might result in a retracement towards the support area around $0.00000142.
Insight from MOG’s MVRV Ratio Analysis
The Market Value to Realized Value (MVRV) ratio for Mog Coin has surged significantly to 2.73, suggesting that the average MOG investor currently holds an unrealized profit of 173%.
An MVRV ratio exceeding 2 often signifies an overvaluation of an asset. Consequently, if investors begin cashing out profits, this could trigger selling pressure, potentially leading to a decline in price.
Yet, historical trends indicate that MOG’s MVRV ratio has previously soared above 3 before undergoing a correction. If Mog Coin follows this pattern, there might be further upside potential in terms of price appreciation.
Focusing on funding rates, it appears that long traders may be losing their dominance in the market. Following a surge to record highs, funding rates have taken a sharp downturn and turned negative, indicating a shift towards short traders gaining prominence over their long counterparts.