Popcat surges 13%, defends KEY support – Is $0.40 in sight?
- Mog Coin has surged by 36.39% over the last seven days.
- Market fundamentals signaled that MOG was positioned for more gains as demand surged.
Since hitting a local low of $0.0000019, Mog Coin [MOG] has experienced a strong upswing to reach a local high of $0.00000297.
At the time of this writing, MOG is trading at $0.00000294, marking a 36.39% increase on weekly charts. The altcoin has also extended this bullish outlook on daily charts, rising by 8.78%.
Before this price pump, MOG had been on a downward trajectory, dropping by 26.46% on monthly charts.
With the weekly gains, the question arises whether the memecoin can sustain the uptrend. Amidst these gains, one thing that stands out is increased demand for the memecoin from both whales and retailers.
Can Mog Coin sustain the uptrend?
According to AMBCrypto’s analysis, Mog Coin is currently experiencing a strong upward momentum amidst increased buying pressure.
Source: TradingView
This upward momentum began when the memecoin’s MACD made a bullish crossover 48 hours ago. This crossover indicates a strengthening momentum to the upside, with more gains than losses, signaling that buying pressure outweighs selling.
The rising Relative Strength Index (RSI), which has surged from 38 to 60 over the past week, further confirms this trend. A continually rising RSI suggests that buyers are in control of the market.
Source: Santiment
Looking further, the demand for the memecoin is even more prevalent among whales. As such, supply held by whales has spiked from 242.4 Trillion to 245.69 trillion in 24 hours.
This shows that whales have bought 3.29 trillion MOG tokens in a single day. When whales turn to massive accumulation, it shows they are bullish and expect prices to surge further.
Source: Santiment
Finally, Mog Coin’s MVRV Ratio has signaled market recovery, rising from 1.7 to 2.8 over the past week.
Historically, Mog Coin has reached peaks when its MVRV surpasses 4.5 and starts a correction after 4.99. With the MVRV currently at 2.8, it indicates that markets are healthy and there’s room for further price growth.
What next for the memecoin
With increased buying pressure and positive sentiments, MOG is in a favorable position for more gains.
If current conditions hold, the memecoin could reclaim $0.0000031. A breakout from this level may push MOG to attempt a $0.0000036 resistance level. However, if demand fades and investors start taking profits, MOG could retrace to $0.0000025.
