Connect with us
Active Currencies 15572
Market Cap $3,400,416,809,774.00
Bitcoin Share 56.22%
24h Market Cap Change $-4.09
Analysis

Mog coin rises 12% in 24 hours: Will profit-taking hold it back now?

2min Read

The short-term liquidation heatmap favored continued gains. The $0.00000206-$0.00000214 region is the next magnetic zone.
Posted:
Avatar
Journalist
Mog coin bulls push toward 5-month range highs after strong October
Avatar
Journalist
Posted:

Share this article

  • Mog coin continued to trade within a five-month range.
  • A range breakout is not expected soon.

Mog coin [MOG] had a bullish October. It recovered from the five-month range lows in September and flipped the mid-range level to support in early October. The meme coin is up 19.3% since the lows of Saturday, October 26th.

Mog coin is just 22% below its ATH, and Bitcoin [BTC] is just 3.6% away. Could this bullish wave push the meme coin beyond the range highs?

Range formation for MOG

MOG 12-hour Chart

Source: MOG/USDT on TradingView

Mog Coin has traded within a range that reached from $0.00000075 to $0.00000236 since June. Despite the strong gains in October, the range formation has not yet been broken.

The mid-range level at $0.00000155 was almost retested as support last weekend. Since then the meme coin has rallied by over 15%.  Yet, on the 12-hour chart, the Awesome Oscillator remained below the zero mark.

This showed that momentum was still in favor of the bears. Similarly, the CMF was unable to push beyond the +0.05 level to signal strong capital inflows to the market.

The price action revealed that MOG was still in an uptrend. So long as the token remains above the mid-range support, a move toward the range highs is expected. However, a breakout is not imminent, and Bitcoin could affect MOG’s trend.

Arguments for bearish pressure

MOG In/Out of the Money

Source: IntoTheBlock

Data from IntoTheBlock showed that the in/out of the money showed a majority of the holders were in profit. As of the 28th of October, 78.3% of the addresses were in the money. This could lead to selling pressure from profit-taking.

MOG Liquidation Heatmap

Source: Coinglass

AMBCrypto found that the short-term liquidation heatmap favored continued gains. The $0.00000206-$0.00000214 region is the next magnetic zone. Further north, the range highs made the $0.0000023 area a firm resistance zone.

Realistic or not, here’s MOG’s market cap in BTC’s terms

This meant the outlined regions were prime candidates for a short squeeze followed by a bearish reversal. If the bulls are strong enough, a range breakout is possible, but as things stand, traders can look to take profits at $0.00000214 and $0.00000234.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

 

Previous:
Next:

Share

Avatar
Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.