MOG coin experienced significant growth within a 24-hour period, coinciding with Bitcoin’s approach to $64K on Monday, October 7th. The cryptocurrency saw an impressive 16% surge, marking it as the top performer based on CoinMarketCap’s data.
This surge was supported by a bullish crossover on the MACD indicator in the daily price chart. Technical analysis suggested that there is still room for additional buying pressure to drive further price increases.
MOG Coin Recovers from Recent Losses
After rebounding from a previous low of $0.000001318 and encountering resistance at $0.000001641, MOG coin managed to recover its losses within just five days, showcasing a daily gain of over 8%.
With the current price sitting at $0.000001688, investors who purchased MOG back in early August, where it faced resistance at $0.000001682, are now seeing profits once again. The Relative Strength Index (RSI) indicates healthy buying momentum without reaching an overbought state, potentially encouraging holders to retain their positions in MOG.
If the upward trend continues, the next hurdle could be around $0.000001940. This level might attract new buyers who view the current price as an attractive entry point for potential future profits.
Should investors believe that MOG coin is approaching a bottom, the fear of missing out (FOMO) could motivate them to stay engaged in the market.
Concerns Mount as Investor Confidence Wavers
Despite positive indicators, there are apprehensions among investors about MOG coin potentially following a similar cycle to one experienced 60 days ago. This uncertainty has resulted in a notable increase in MOG coins being transferred to exchanges, particularly from large whale wallets, which could impact the sustainability of MOG’s rally.
As a result, MOG coin finds itself at a crossroads, uncertain about the trajectory of the upcoming days.
It is imperative to closely monitor these developments for MOG to sustain its momentum towards $0.000001940. However, if recent gainers opt to pull back, MOG may undergo a period of consolidation, possibly revisiting its pullback from August.