- MOG has doubled its market capitalization within the final 30 days after a 90% rally.
- MOG is prime for an all-time excessive after breaking above the ascending triangle sample.
Meme cash have outperformed the broader cryptocurrency market provided that within the final 30 days, the full meme coin market capitalization has elevated by almost 30% to $52 billion at press time per CoinMarketCap.
Mog Coin [MOG] has been among the many high gainers throughout this meme coin supercycle. Within the final 30 days, MOG’s worth has gained by round 90%, inflicting its market cap to double from $374 million to $787 million at press time.
Following these good points, MOG is now 19% shy of its all-time excessive. With uneven worth strikes nonetheless evident within the broader market, will MOG maintain its good points or will profit-takers trigger a pattern reversal?
Mog coin worth outlook
Mog Coin traded at $0.000001999 at press time after a 6% achieve in 24 hours. On the one-day chart, MOG had shaped an ascending triangle sample, which means that the present pattern may proceed.
MOG created a purchase sign after breaking the higher boundary of this triangle sample. The shopping for exercise is seen within the Relative Energy Index (RSI) line, which has shot as much as 71.
The bullish sentiment is additional mirrored within the Transferring Common Convergence Divergence (MACD) line, which has crossed above the sign line. The inexperienced MACD histogram bars additional verify shopping for strain is rising, and the uptrend may proceed.
Supply: Tradingview
After Mog Coin broke above the ascending triangle, it examined resistance on the 100% Fibonacci stage ($0.00000201). If the present shopping for strain sustains a breakout above this resistance, MOG will goal for the following goal at 0.00000246, reaching its all-time highs.
Conversely, the higher boundary of the ascending triangle tends to behave as a robust resistance. If bulls lack sufficient energy to carry the worth above this stage, MOG may drop to check assist at $0.00000142.
MOG’s MVRV ratio exhibits THIS
The Market Worth to Realized Worth (MVRV) ratio for Mog Coin has sharply elevated to 2.73. This metric exhibits that the typical MOG investor is sitting on an unrealized revenue of 173%.
Supply: Glassnode
An MVRV ratio above 2 normally factors to an asset being overvalued. Subsequently, if traders begin to take income, it may enhance promoting strain and result in a worth drop.
Learn Mog Coin’s [MOG] Worth Prediction 2024-25
Nonetheless, historic information exhibits that MOG’s MVRV ratio has beforehand elevated above 3 earlier than a correction. If Mog Coin follows its previous developments, the worth has room for extra good points.
A have a look at funding charges exhibits that lengthy merchants could also be dropping their dominance. After funding charges shot as much as a file excessive, they’ve since made a pointy drop and turned unfavourable suggesting quick merchants have develop into greater than lengthy merchants.
(Supply: Coinglass)