Meme coins have outperformed the broader cryptocurrency market, with their total market capitalization having grown by nearly 30% over the past 30 days to $52 billion at press time, according to CoinMarketCap.
Mog Coin [MOG] has been one of the biggest gainers in this meme coin supercycle. Over the past 30 days, MOG’s price has increased by over 90%, with its market cap currently doubling from $374 million to $800 million. Following these gains, MOG is now just 19% away from its all-time high. Given that the broader price action remains choppy, can MOG maintain its gains, or will profit-taking lead to a trend reversal?
Mog price outlook: expected to grow explosively
Mog Coin (MOG) has been in a steady uptrend since mid-September, with the price holding the $0.0000010 support level and climbing steadily. In recent price action, MOG has successfully broken through the $0.000002 resistance level. Currently, MOG is trading at $0.000002047, up 7.8% in the past 24 hours. On the daily chart, MOG has formed an ascending triangle pattern, which suggests that the current trend may continue and more gains may be seen in the future.
Technical analysis of Mog Coin (MOG) is bullish, with key indicators supporting the currency. The currency's price is currently above the 50-day and 200-day simple moving averages (SMAs), a clear sign of a positive trend. Most notably, a "golden cross" has been formed, where the 50-day SMA crossed above the 200-day SMA, which is a strong bullish signal that usually foreshadows a major price increase. Trading Views, MOG Price Prediction
On the daily chart, the MOG token shows a bottom reversal and five consecutive bullish candles. Starting with a morning star pattern near the 50-day EMA, the meme token has risen nearly 60% from the 7-day low of $0.0000013320.
With the consecutive bullish candles, the memecoin is about to touch the neckline of the rounding bottom at $0.0000023544. According to the Fibonacci levels, the neckline coincides with the 100% Fibonacci level or the previous swing high.
Moreover, the 50-day and 200-day EMAs remain bullish, continuing to surge and provide dynamic support. Even the technical indicator daily RSI line shows a surge in bullish momentum as it moves into the overbought zone.
A bullish breakout of the rounding bottom pattern could reach the 1.272 and 1.618 Fibonacci levels of $0.000003279 or $0.00000499 respectively
Additionally, buying activity is visible on the relative strength index (RSI) line, which has surged to 71. While this indicates strong buying pressure, investors should be cautious of a potential short-term pullback. However, the rising RSI suggests sustained bullish momentum, which could push MOG to new highs.
The bullish sentiment is further reflected on the Moving Average Convergence Divergence (MACD) line, which has crossed above the signal line. The green MACD histogram bars further confirm that buying pressure is increasing and the uptrend is likely to continue.
On the daily chart, the MOG token shows a bottom reversal and five consecutive bullish candles. Starting with a morning star pattern near the 50-day EMA, the meme token has risen nearly 60% from the 7-day low of $0.0000013320.
With the consecutive bullish candles, the memecoin is about to touch the neckline of the rounding bottom at $0.0000023544. According to the Fibonacci levels, the neckline coincides with the 100% Fibonacci level or the previous swing high.
Moreover, the 50-day and 200-day EMAs remain bullish, continuing to surge and provide dynamic support. Even the technical indicator daily RSI line shows a surge in bullish momentum as it moves into the overbought zone.
A bullish breakout of the rounding bottom pattern could reach the 1.272 and 1.618 Fibonacci levels of $0.000003279 or $0.00000499 respectively
This is shown by MOG’s MVRV ratio
Mog Coin’s market value to realized value (MVRV) ratio has risen sharply to 2.73. This metric shows that the average MOG investor has an unrealized profit of 173%.
An MVRV ratio above 2 generally indicates that an asset is overvalued. Therefore, if investors start to take profits, it could increase selling pressure and cause prices to fall.
However, historical data shows that MOG’s MVRV ratio has risen above 3 before pulling back. If Mog Coin follows past trends, there is room for further price increases.
Judging from the funding rate, long traders may be losing their dominance. After the funding rate surged to a record high, it subsequently fell sharply and turned negative, indicating that the number of short traders has exceeded that of long traders.
In simple terms
In the past 30 days, MOG's market value has increased by 90%, doubling, and after breaking through the ascending triangle pattern, MOG is expected to set a new all-time high. Some technical indicators support the bullish outlook in the short term. At present, short traders have also taken action, and everyone should also be wary of a pullback.
