After reaching a recent low of $0.0000019, Mog Coin [MOG] has shown a significant rise, hitting a high of $0.00000297.
Currently, MOG is being traded at $0.00000294, indicating a 36.39% surge on a weekly basis. The altcoin has maintained a bullish trend even on daily charts, with an increase of 8.78%.
Prior to this recent increase, MOG had been experiencing a downward trend, witnessing a 26.46% drop on monthly charts.
Following these weekly gains, the key question emerges about the sustainability of this upward movement. Notably, there has been a noticeable uptick in demand for MOG from both large holders and individual investors.
Is Mog Coin poised to retain its upward momentum?
According to an analysis by CryptoCrypto, Mog Coin is currently demonstrating a robust upward trajectory amid escalating buying interest.
The initiation of this upward movement coincided with the memecoin’s MACD exhibiting a bullish crossover just 48 hours ago. This crossover signifies a strengthening bullish momentum, indicating that buying pressure is outweighing selling pressure.
Moreover, the increasing Relative Strength Index (RSI), which has surged from 38 to 60 in the past week, further validates this trend. A rising RSI consistently suggests that buyers are dominating the market sentiment.
Furthermore, the demand for this memecoin appears to be particularly strong among major holders. Notably, the amount of MOG tokens held by large holders surged from 242.4 trillion to 245.69 trillion within a span of 24 hours.
This substantial increase of 3.29 trillion MOG tokens acquired by these major holders in a single day signals a bullish outlook and an anticipation of further price uptrends.
Lastly, the MVRV Ratio of Mog Coin has indicated a market recovery, climbing from 1.7 to 2.8 in the past week.
Based on historical patterns, Mog Coin typically hits its peaks when the MVRV Ratio surpasses 4.5, and a correction phase begins after crossing 4.99. Currently standing at 2.8, the MVRV Ratio suggests an optimistic market outlook with room for additional price growth.
What Lies Ahead for Mog Coin?
Given the heightened buying pressure and optimistic market sentiments, MOG appears well-positioned for further upward movements.
If the current market conditions persist, MOG could target a reclaim of $0.0000031. A decisive breakthrough from this level might propel MOG to challenge the resistance at $0.0000036. Nevertheless, in the scenario where demand diminishes and investors begin securing profits, MOG might retrace to $0.0000025.