Mog Coin (MOG) Bulls Take a Breather After 65% Weekly Hike — Next Move Revealed
Key Takeaways
- MOG broke out of a symmetrical triangle pattern on May 6 but has now hit a historic supply zone.
- The AO has turned red despite staying in positive territory, indicating bulls are losing control.
- If selling continues, MOG may break down, and the price could decline toward $0.00000076.
Ethereum-based memecoin Mog Coin (MOG) is finally cooling off after a 65% surge over the past week. On Tuesday, May 13, MOG peaked at $0.0000013—but has since slipped to $0.0000010.
This dip contrasts with the memecoin’s explosive 250% rally in prior weeks. So, what’s next for MOG in the short term?
MOG Moon Mission Fizzles Out
Between the last week of January and Monday, May 5, Mog Coin’s price was stuck in a symmetrical triangle. During this period, MOG traded between a swing low of $0.0000026 and a swing high of $0.0000015.
But on May 6, MOG broke past the triangle’s upper trendline and rose to $0.0000013 within a few days. However, rising in this region meant that memecoin hit a historical supply zone.
Before now, the last time the Mog Coin price hit this level, it experienced a notable correction. Amid this decline, the daily chart shows that the Relative Strength Index (RSI) reading has dropped to 66.49.
The RSI measures momentum using the speed and size of price changes. Earlier, the RSI reading surpassed 70.00, indicating that MOG was overbought.
However, the recent dip indicates bullish momentum around the memecoin is fading. If this decline continues, then MOG’s price might hit a lower value before it attempts to resume the upswing.
Like the RSI, the Awesome Oscillator (AO) aligns with this bias. At press time, it had a positive rating.
However, the indicator has flashed a red histogram bar, suggesting that MOG bulls are losing control. It is also important to mention that Mog Coin’s price action could also depend on Ethereum (ETH) as it is one of the top memecoins built on that blockchain.
As seen recently, ETH’s breakout seems to have impacted MOG’s price rally. Therefore, if Ethereum’s price experiences consolidation or correction, MOG will likely follow suit.
MOG Price Analysis: Local Top In
Zooming into the daily chart, CCN observed that the Bull Bear Power (BBP) reading has declined. The BBP was positive at the beginning of the week, indicating that bulls were in control.
However, the BBP has dropped to the negative region as of this writing. This decrease in the indicator’s rating shows that bears have overpowered bullish pressure.
As such, MOG’s price is unlikely to experience a quick return to the upside. If that is the case, the Mog Coin could drop below the support at $0.00000096.
The memecoin’s value might sink toward $0.00000076 in such a situation.
On the contrary, if bulls take control again, this price prediction might not be realized. Should that happen, MOG might retest the local high at $0.0000013.
