The Mog Coin price is on a four-day losing streak, snapping off nearly 17% a week. The bulls attempted for support near the $0.00000185 level. However, the weakness in the broader market added more to worse, and the price suffered.
The broader crypto market, including the top ones like Bitcoin, Ethereum, Solana, etc., reacted poorly to the launch of spot Ethereum ETF. Bitcoin loomed below $64K, losing over 2%, while Ethereum neared $3100, losing over 5% a day.
The selling pressure in the blue-chip cryptocurrencies added more pressure to the altcoins. A strong selloff was observed in the recent sessions. Mog Coin exchanged hands close to $0.00000161, losing over 7% a day.
MOG Experienced Over 30% Outflow in OI Data
Mog Coin had been one of the top weekly gainers in the previous weeks and was on a strong uptrend. However, the recent outflow in the Open Interest contracts has snapped off the recent profits.
According to data from an on-chain analytics website, there has been an outflow in open interest contracts in the last four sessions. The OI has dropped by over 30% in the recent sessions from $6.6K to $4.5K, losing over $2.1K.
The drop in OI data suggested a possible long unwinding due to a sudden market turnaround at the time of writing. Furthermore, the volume-to-market cap ratio of 8.15% suggested mild volatility in the crypto. Out of the 420.69 Trillion total supply, 85%, (360.4 trillion) of MOG tokens were in circulation.
Mog Coin Technical Analysis
The recent selling pressure has not invalidated the trend yet. The short-term and long-term trends favored a bullish outlook at the moment. However, the recent selloff snapped off the profits from the investors’ portfolio.
However, it might have brought an opportunity for those who had missed the trend earlier. The Mog Coin price hovered above the key 50-day exponential moving average at press time, suggesting a bullishness.
However, stability and a possible turnaround in the price were needed to get into longs.
If Mog Coin takes a rebound after stabilizing near the 50-day EMA, it may validate a trend continuation. The price may proceed toward the $0.00000254 level.
A bearish crossover between the RSI and the 14-day SMA line warns investors to wait for the RSI to bounce back higher for a bullish crossover.
Can Mog Coin Revive Again?
The Mog Coin has dropped 17% in a week due to broader market weakness. Major cryptocurrencies like Bitcoin and Ethereum also suffered by reacting poorly to the Ethereum ETF launch. Open interest contracts dropped 30%, indicating possible long unwinding.
Moreover, despite the recent selling pressure, the overall trend remained bullish. The Mog coin price was above the 50-day EMA, suggesting potential for a rebound towards $0.00000254. Investors should watch for a bullish RSI crossover before entering long positions.
