Currently, Mog Coin (MOG) is trading at $0.00000316, reflecting a 31% surge in the last 24 hours. This significant increase has propelled MOG towards potentially securing a spot among the top 100 cryptocurrencies by market cap, which recently soared past $1 billion.
According to CoinMarketCap data, interest in this meme coin peaked as trading volumes surged by over 300% within a day.
Notably, Mog Coin reached an all-time high of $0.00000338 on December 6, mainly driven by its listing on Coinbase.
Is Sustained Growth Likely for MOG?
Recent gains have resulted in all MOG wallets being profitable, a factor that could trigger profit-taking, often observed with meme coins.
Despite this, MOG’s daily chart indicates a Relative Strength Index (RSI) of 66, signaling buyer control over the trend. The RSI’s upward trajectory, remaining above the signal line, indicates a bullish momentum.
Traders should be cautious of the ascending broadening wedge pattern, typically signaling a trend reversal. Failure to breach the upper trendline and consolidation within the channel could lead to exhaustion and a downward breakout.
Despite the bearish pattern, the Trend Strength Index (TSI) suggests a strong uptrend post the shift from bearish to bullish. Sustained positive TSI values could pave the way for more gains and new all-time highs for MOG.
Conversely, a declining TSI and MOG dropping below the $0.0000022 support level would confirm a bearish reversal.
Record Rise in Open Interest
The surge in MOG’s open interest, alongside price appreciation, indicates a bullish sentiment. At present, open interest stands at $1.35M following a 30% increase in 24 hours per Coinglass.
With rising newly opened positions in MOG derivatives market, enhanced liquidity is expected to fuel a potential price rally.
However, a sharp uptick in open interest may trigger heightened price volatility, a factor traders need to monitor closely.
Increase in Active Addresses
Over the past week, daily active addresses on MOG have notably risen, as highlighted by IntoTheBlock data. The count surged to 1,670 from approximately 1,000 earlier in the week.
The simultaneous rise in active addresses and RSI implies robust buying activity. A decline in these addresses could potentially signal a downtrend due to diminished buying pressure.