After a two-month slump, MOG has broken through resistance, placing many investors back in profit.
- Mog coin’ recent rally has put investors back in profit after two months of decline. The next bullish cycle for MOG depends on the actions of these investors.
Mog coin [MOG] seized the spotlight as Bitcoin neared $64K during the early hours of Monday, 7th October, soaring over 16% to claim the title of top gainer in the last 24 hours, based on CoinMarketCap data.
This impressive rally was bolstered by a bullish MACD crossover on the daily price chart. Additional technical analysis showed ample room available for continued buying activity.
Mog coin recovered major losses
Source : Coinalyze
Losses from the previous pullback to $0.000001318, after facing resistance at $0.000001641, were swiftly recovered within five trading days, as MOG achieved a daily gain of over 8%.
Now trading at $0.000001688, this recent surge has brought relief to holders who bought MOG back in early August when it faced resistance at $0.000001682 and entered a slump.
After two months, these investors are finally back in profit. Furthermore, buying momentum remains healthy, as the RSI indicates it has not yet reached an overbought condition. This could incentivize holders to maintain their positions in Mog coins.
If this trend continues, the next resistance level could be around $0.000001940. This could attract new buyers, viewing the current price as an ideal entry point for potential future gains.
If they perceive Mog coin as nearing its bottom, FOMO might be sufficient to keep them engaged in the race.
Investors might be losing faith
Despite several bullish signals, investors may be wary of Mog coin repeating its cycle from 60 days ago, leading to rising concerns and potential panic.
This has led to a significant spike in MOG coins entering exchanges, primarily from whale wallets, which could impact MOG’s ability to maintain its rally.
Source : IntoTheBlock
Consequently, MOG finds itself in a dilemma, unsure of which path the next few days will take.
Therefore, monitoring these factors closely is crucial for MOG to continue its rally toward $0.000001940. However, if recent gainers decide to retreat, MOG could face consolidation, potentially revisiting its August pullback.
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