The average MOG investor is sitting on an unrealized profit of 173%.
- MOG has doubled its market capitalization in the last 30 days after a 90% rally. MOG is prime for an all-time high after breaking above the ascending triangle pattern.
Meme coins have outperformed the broader cryptocurrency market given that in the last 30 days, the total meme coin market capitalization has increased by nearly 30% to $52 billion at press time per CoinMarketCap.
Mog Coin [MOG] has been among the top gainers during this meme coin supercycle. In the last 30 days, MOG’s price has gained by around 90%, causing its market cap to double from $374 million to $787 million at press time.
Following these gains, MOG is now 19% shy of its all-time high. With choppy price moves still evident in the broader market, will MOG sustain its gains or will profit-takers cause a trend reversal?
Mog coin price outlook
Mog Coin traded at $0.000001999 at press time after a 6% gain in 24 hours. On the one-day chart, MOG had formed an ascending triangle pattern, which suggests that the current trend could continue.
MOG created a buy signal after breaking the upper boundary of this triangle pattern. The buying activity is seen in the Relative Strength Index (RSI) line, which has shot up to 71.
The bullish sentiment is further reflected in the Moving Average Convergence Divergence (MACD) line, which has crossed above the signal line. The green MACD histogram bars further confirm buying pressure is increasing, and the uptrend could continue.
Source: Tradingview
After Mog Coin broke above the ascending triangle, it tested resistance at the 100% Fibonacci level ($0.00000201). If the current buying pressure sustains a breakout above this resistance, MOG will aim for the next target at 0.00000246, reaching its all-time highs.
Conversely, the upper boundary of the ascending triangle tends to act as a strong resistance. If bulls lack enough strength to hold the price above this level, MOG could drop to test support at $0.00000142.
MOG’s MVRV ratio shows THIS
The Market Value to Realized Value (MVRV) ratio for Mog Coin has sharply increased to 2.73. This metric shows that the average MOG investor is sitting on an unrealized profit of 173%.
Source: Glassnode
An MVRV ratio above 2 usually points to an asset being overvalued. Therefore, if investors start to take profits, it could increase selling pressure and lead to a price drop.
However, historical data shows that MOG’s MVRV ratio has previously increased above 3 before a correction. If Mog Coin follows its past trends, the price has room for more gains.
A look at funding rates shows that long traders may be losing their dominance. After funding rates shot up to a record high, they have since made a sharp drop and turned negative suggesting short traders have become more than long traders.
(Source: Coinglass)
Take a Survey: Chance to Win $500 USDT
Next: Ethereum’s vision for the future: Vitalik Buterin proposes key upgrades
Source