During the past week, Mog Coin [MOG] experienced fluctuating prices ranging from $0.0000021 to $0.00000075 (prices expressed in a 1000x multiplier for clarity). The meme coin’s value approached the midpoint at $0.00156 and surged from the support level.
A noteworthy rebound was observed on the 4th of November, leading to a 27.5% increase in Mog Coin’s value since its recent lows, with a daily rise of nearly 10%. Are we on the brink of witnessing a breakthrough in this price range?
Trading Volume Indicates Uncertainty in Market Sentiment
On the daily chart, the Awesome Oscillator indicated a slight bullish momentum as it approached the zero level. Trading volume remained consistent with the average of the last 20 days, reflecting a lack of confidence among traders.
Despite defending the $0.00165 support level, buyers gained an edge as evidenced by the upward movement of the A/D indicator. However, this positive development did not guarantee a significant breakout beyond current highs. Presently, traders might consider selling around the $0.0023 mark.
Any potential retracement towards the middle of the range or a breakout followed by a retest of the high-end could serve as entry points for long positions.
On-chain Data Suggests Redistribution of Mog Coin Holdings
There have been periodic increases in dormant token circulation since late September, with another notable spike coinciding with a recent price bottom on 4th November.
Over the past three weeks, the number of daily active addresses has been declining, raising concerns among HODLers. A consistent decrease in the average coin age over the past two months points towards an active movement in Mog Coin holdings, hinting at profit-taking actions and a lack of strong bullish sentiment.
Disclaimer: The opinions expressed in this analysis are personal and do not represent financial advice or recommendations for trading activities.