The memecoin MOG is on the brink of making the 4th ATH on its daily chart. It has witnessed more than an 80% surge while resonating with the godfather of the crypto-verse advancing.
The broader market has strongly resonated with the market leader’s (BTC) growth. Bitcoin market cap reached $2.3 Trillion with a 24-hour (till this was written) growth of 3.82%.
BTC has now crossed $62500, and from July 8th, a nearly 16% jump has been recorded. It is poised to move past the previous swing high of $63730 for the major hurdle retest at $66150. Once BTC crosses the previous swing high, MOG could head for new ATHs.
Reading MOG’s Numbers
When writing, 360.447 Trillion MOG (85.68%) were circulating out of the total 420.690 Trillion MOG.
MOG ranked 86th among the top global cryptos in terms of market cap ($767.55 Million) on CoinMarketCap. Market cap surged 13.32% intraday amid the price rise. Over major trading platforms, it had a spot volume inflow of $40.54 Million in the past 24 hours, which rose 11.73%.
Despite the surge in its market cap, volume, and price in the past 24 hours, its liquidity showed a possibility of less stable market conditions. Based on its 24-hour volume market ratio, its liquidity ratio was low at 5.36% at press time. So, investors should assess more carefully, as buying and selling MOG could pose difficulty on an exchange close to its price.
Looking at its derivatives stats, MOG witnessed 18.15% more contracts that were opened in the market, with a total of $18.63 Million OIs. The derivatives volume saw a 4.3% rise with an amount of a total of $40.52 Million.
Meanwhile, MOG liquidation in the derivatives showed more shorts have been liquidated than longs in the past 7 days. At the time of writing, the shorts amounted to $6.90K, and longs stayed at $5.40K. Thus, it signified more bullish pressure.
Can MOG Form New ATH On Technical Price Chart?
Mogcoin (MOG) has presented a remarkable upside move in price that began after the consolidation that ended by mid-Feb 2024. Over the day time frame chart, the major price activity was witnessed in a formed upward parallel channel.
On March 7th, 2024, 1st contact with the upper border of the wedge was witnessed; then, after plummeting, by April 13th, the MOG price touched the lower boundary of the channel.
Thereon, MOG accumulated strength between the period of April 13th to May 13th, 2024, after which the price bounced back to the upper border of the channel by May 29th, 2024. After marking an ATH peak (second time), the MOG declined from May 29th to June 18th to the channel’s lower border.
By June 18th, MOG propelled again and followed the wedge with discipline to the upper boundary of the channel. Subsequently, it marked its third ATH on the 1st of July, 2024.
However, the 3rd peak showed instability, and the price of MOG pulled back to the resistance-turned-support (first peak at $0.000001250).
Forecast Of MOG Price, & Indicators Stats!
In the last 8 days, from July 8th onwards, it surged nearly 80%, and is now on the brink of surpassing the wedge’s upper boundary. MOG has greatly benefitted from BTC’ ascent beyond $62500. It could surpass this current level depending on buyers’ interest, if it does, the price could rally beyond the third peak and possibly create a new ATH or the fourth peak.
If Mogcoin fails to sustain the recent increases and faces resistance from the third peak hurdle of $0.0000021270, the price could retract below from the upper boundary to the lower boundary of this upward channel.
MOG found strong support from the dynamic support bands of 200-day and 50-day EMAs. Meanwhile, the MACD has built a strong bullish crossover on the daily chart, with the histogram rising. RSI was at 67.92 and is yet to cross the overbought level of 70, suggesting potential for a rise.
Mogcoin (MOG), a memecoin, has experienced a surge in price and market cap. It has benefited from the recent growth of Bitcoin (BTC) and could potentially reach a new all-time high (ATH) if it surpasses the current resistance level. However, investors should be cautious due to Mog coin’s low liquidity. Technical indicators suggest a bullish trend for Mogcoin, but it faces resistance at its third ATH.
