- MOG has broken through key resistance levels, confirming a strong bullish trend with potential for further gains.
- Positive metrics, including rising network growth and open interest, signal continued momentum and confidence in MOG’s future.
MOG Coin [MOG] has skyrocketed 21.64% in the past 24 hours, trading at $0.052859 at press time. This surge, alongside a 133.52% increase in 24-hour trading volume to $148.58 million, has propelled MOG’s market cap to $1.12 billion.
With such a strong showing, investors are left wondering, what’s next for MOG?
Technical analysis: What’s driving MOG coin’s price surge?
The recent price movement comes after a significant breakthrough of its key $0.052 resistance level, which was then retested and confirmed as support.
This confirms the bullish momentum and signals a strong possibility for further gains. However, MOG is approaching another $0.056 resistance zone, which could present the next hurdle. Should MOG manage to break through this resistance, it could quickly target the $0.060 level.
MOG has found solid support at the 0.236 Fibonacci retracement level around $0.048, solidifying the ongoing upward trend. The next key Fibonacci level to watch is 0.618, located near $0.058, where potential resistance may form.
A successful breakout above this point could propel MOG to new highs. Therefore, if it maintains this support, there is a strong chance it will continue its ascent, targeting these critical levels.
Currently, the RSI stands at 63.01, which indicates the coin is approaching the overbought region. However, it hasn’t yet crossed the critical 70 threshold. This suggests that MOG still has room to grow without facing an immediate correction.
Consequently, the current RSI level signals that, while some caution is warranted, it could continue its bullish run in the near term.
Source: TradingView
Could MOG be undervalued right now?
The MVRV ratio sits at -99.35%, showing that the coin is currently undervalued compared to its historical average. This indicates potential for a price reversal, particularly if market sentiment improves further.
Therefore, the low MVRV ratio suggests that MOG may be positioned for significant upward movement in the near future.
Source: Santiment
Is the network growth a sign of things to come?
The network growth has been on the rise, with 578 new users joining recently. This increasing network activity signals growing interest in MOG, which could translate into more demand and higher prices.
As more users engage with the coin, the network’s expansion may act as a strong catalyst for coin’s future price growth.
Source: Santiment
Market sentiment: Is open interest signaling a breakout?
The open interest has surged by 28.85%, reaching $1.03 million, which indicates that more traders are taking positions in the coin. This increase in open interest suggests growing confidence in the coin’s future price action.
As open interest rises, it often leads to heightened volatility and momentum, meaning traders can expect more price movement in the near term.
Source: Coinglass
Read Mog Coin’s [MOG] Price Prediction 2024-25
Is MOG’s upward trend sustainable?
MOG’s 21.64% surge, coupled with increasing volume, market cap, and network activity, signals strong potential for continued growth. The coin has successfully broken key resistance levels and confirmed them as support.
As long as it continues to hold above these levels, the bullish momentum could carry it further, especially if it surpasses upcoming resistance zones like $0.056 and $0.058. Therefore, the bullish trend appears sustainable for now, with the possibility of further gains if the momentum continues.
