October proved to be a positive month for Mog coin [MOG], marking a significant recovery from the lows experienced over a span of five months, starting from September. The cryptocurrency managed to transform the mid-range level into a solid support at the beginning of October, witnessing an impressive 19.3% increase since the lows recorded on Saturday, October 26th.
Currently, Mog coin stands just 22% below its all-time high (ATH), with Bitcoin [BTC] trailing closely behind at a 3.6% difference. The recent bullish trend has sparked speculation about whether this momentum could propel the meme coin above its range highs.
Analysis of MOG’s Price Range
For the past few months, Mog coin has been trading within the confines of a price range stretching from $0.00000075 to $0.00000236, without any significant breakout. Despite the noticeable surge in October, the range boundaries remain unbroken.
During the last weekend, the support level at $0.00000155 almost faced a retest before the cryptocurrency initiated a rally of over 15%. However, assessments on the 12-hour chart point towards a dominance by bearish momentum, with the Awesome Oscillator lingering below the zero mark.
Moreover, the Chaikin Money Flow (CMF) failed to surpass the +0.05 threshold, indicating a lack of substantial capital inflows into the market. While the price movement suggests an ongoing uptrend for MOG, it is crucial for the token to maintain its position above the mid-range support for a potential push towards the upper boundaries of the range. Yet, the prospect of a breakout remains uncertain due to potential influences from Bitcoin’s price trajectory.
Evidence of Bearish Pressure
Data sourced from IntoTheBlock pointed out that a significant percentage of MOG holders were in profit territory, with 78.3% of wallet addresses being ‘in the money’ as of October 28th. This situation could pave the way for sell-offs triggered by profit-taking strategies.
Further insights provided by CryptoCrypto highlighted a short-term liquidation heatmap that seemed to favor continual upward movements. The price range between $0.00000206 and $0.00000214 emerged as a pivotal area, with the upper zone near $0.0000023 posing as a strong resistance zone.
Given these observations, the specified regions are deemed as potential catalysts for a short squeeze followed by a subsequent bearish reversal. While a breakout beyond these barriers is plausible if bullish momentum persists, current conditions suggest that traders should consider taking profits around $0.00000214 and $0.00000234.
Disclaimer: The views expressed are the author’s personal opinion and do not constitute financial, investment, or trading advice