Market Skyrockets on Monday: BTC, MOG, PENDLE, and SNX in Green

Bitcoin (BTC), the world’s largest cryptocurrency by market cap, surged above the $60,000 price level after the German government’s BTC wallet liquidated its holdings last week, prompting whales to buy the dip.

CryptoQuant analyst Minkyu Woo noted that whales have purchased 47,000 BTC at an average price of $57,000, suggesting that “the bottoming out of BTC may be nearly complete.”

These whales have bought over 47,000 #BTC at an average price of $57K.

This suggests that the bottoming out of #BTC may be nearly complete.#BTC #Bitcoin pic.twitter.com/MpNqAETAqZ

— 우민규 (Woominkyu) (@Woo_Minkyu) July 10, 2024

According to data from CoinMarketCap and the depicted chart from TradingView, Bitcoin has finally reclaimed the 200-day Moving Average after briefly dipping below it earlier in July. The relative strength index (RSI) of the digital asset reads 56.26, confirming that buyers have regained control, driving prices higher. BTC is currently trading at $62,587.

Meanwhile, Mog Coin (MOG) jumped 6.88% in the past 24 hours and is trading at $0.000002024 at the time of writing. The altcoin’s trading volume increased by 22.66% to $42.42 million, and MOG has a market capitalization of $728 million.

The TradingView chart indicates an RSI of 67.27 for MOG, suggesting bulls are in control. However, if the price surge continues, the altcoin could enter the overbought region, potentially attracting sellers to capitalize.

Synthetix (SNX) also saw a significant 12% rise in the past 24 hours, trading at $1.92 with a market cap of $628 million. The altcoin’s trading volume doubled to $30.5 million. According to TradingView, the RSI for SNX is 52.47, confirming that bulls have taken the reins.

Notably, the SNX token was recently in the oversold region. Buyers took advantage of the dip, scooping up the digital asset and now enjoying substantial gains.

Finally, Pendle (PENDLE), a DeFi protocol whose total value locked (TVL) crashed significantly in recent weeks, posted gains of over 14% in the past 24 hours. The cryptocurrency’s price stands at $4.38, shooting up from a low of $3.82.

The TradingView chart reveals that the price action is attempting to escape the clutches of the bears. Despite the significant gains, the RSI for PENDLE reads 49.26, indicating that the bears and bulls are nearly evenly matched.

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