- Mog Coin has quickly made up for its two-month retracement part after which some.
- A brief-term consolidation earlier than the following leg greater is probably going.
Mog Coin [MOG] was in the course of one other almost vertical rally. This one rivaled the late February’s 857% rally that took 12 days. The present Mog Coin development noticed a extra modest 292% transfer greater over the previous two weeks.
The Mog Coin worth prediction is strongly bullish despite the fact that there may be the potential for a 15-20% retracement from present market costs.
With a market capitalization of $555 million solely, it might need extra room to increase greater given the bullish intent seen on the value motion chart.
The previous highs won’t be retested as assist
![Mog Coin 1-day Price Chart](https://ambcrypto.com/wp-content/uploads/2024/05/PP-3-MOG-price.png)
![Mog Coin 1-day Price Chart](https://ambcrypto.com/wp-content/uploads/2024/05/PP-3-MOG-price.png)
Supply: MOG/USDT on TradingView
The MOG bulls have cause to rejoice. On high of the wild features of the previous two weeks, the meme coin worth has additionally sailed previous the native resistance zone that had marked the March rally’s high.
The buying and selling quantity was additionally greater than the previous month’s common.
The OBV trended greater and was an indication of intense shopping for stress since March. Despite the fact that the token retraced deep sufficient to almost take a look at the 78.6% Fibonacci retracement stage, the OBV didn’t embark on a downtrend.
The RSI sank under impartial 50 in April however climbed above this stage to point bullish momentum in mid-Could. Since then, the rally has been swift and unstoppable to date.
The 23.6% extension stage has been examined as resistance already.
For the reason that energy of the breakout previous the native resistance zone at $0.00000122 was so nice, ideally we should always not see a deep pullback.
The momentum and demand ought to propel costs towards the 61.8% stage. A couple of weeks later, a retracement to the identical $0.00000122 assist zone may supply a great shopping for alternative.
The short-term sentiment was dropping bullish conviction
The value surge over the previous few days got here alongside a rise within the Open Curiosity. The OI virtually doubled previously 4 days, rising from $9 million on the twenty fourth of Could to $17.47 million at press time.
Learn Mog Coin’s [MOG] Worth Prediction 2024-25
The previous 24 hours noticed a slight lower within the Mog Coin worth in addition to the OI, displaying a slight shift in sentiment. Nonetheless, the Mog Coin worth prediction stays firmly bullish.
Some consolidation might recharge the bulls, however a Bitcoin [BTC] drop under $67k may drag the market sentiment down.
Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.