Mogcoin (MOG) Price Jumped Over 15%: Can It Rally More?

Mogcoin (MOG), a fast-rising memecoin based on the Ethereum blockchain, saw a notable surge of over 15% today. Since its inception, Mogcoin price has continued to trade in upward momentum and has risen by over 320% in the last three months.

This week, a sharp rejection followed by a pullback from the support zone of $0.0000007500 sharply re-entered the channel.

The memecoin was traded under the bullish influence. However, it faced a notable dip due to the sudden panic in the market last week.

Fueled by the demand surge, the MOG price took a revival and jumped over 105% this week. Notably, the price action conveyed that sellers had covered their positions at the bottom and looked trapped. It led to a sharp price rise.

Amongst the memecoin pack, MOG has soared the most and conveyed a sharp reversal. With a double-digit pullback and crossing the 20-day EMA mark, the bulls were striving to revisit the 52-week high mark.

Mogcoin (MOG) Price Could be Poised for Bullish Surge

The one-day chart of Mog Coin displayed a sustained uptrend. It continued to remain in the bullish region. Despite the market volatility, the memecoin remained in the bullish region and displayed a strong demand surge.

The Momentum Indicator (RSI) displayed a positive crossover. It noted a reading of 50 and directed the positive outlook on the chart. Similarly, the MFI indicator directed a major inflow this week and suggested a significant uptrend ahead.

When writing, the MOG price traded at $0.000001546 with an intraday surge of 15.36%. It reflected buying interest on the chart. Its trading volume rose over 30% to $58.20 Million, revealing the investors’ optimism.

Following the price surge, the on-chain metrics narrated the sharp upmove and displayed investors’ optimism.

Weighted Sentiment Noted a Sharp Rise

Amidst the price surge, the sentiment improved, and a massive spike in the weighted sentiment data was noted. It means that investors have looked optimistic and are molding their eyes to accumulate MOG.

Similar traction was noted in the social dominance activity, as investors have started chatting about MOG on the media platforms.

@astekz, in his tweet, mentioned that MOG has retested the bottom and initiated a bounce.

$MOG – Looks fire if it holds this reclaim pic.twitter.com/0LPmz2tQPg

— Astekz (@astekz) August 8, 2024

Notably, the price action revealed that the buyers retained traction and that the memecoin could continue outperforming the market.

Total Liquidations Chart

The short liquidations were noted at $1.23k at press time, whereas the long liquidations were noted at $82.58. This means buyers have outpaced the sellers, creating a positive sentiment.

Liquidations Chart | Source: Coinglass

Furthermore, the futures Open interest rose over 2.33% to $80.49k, representing a fresh long buildup activity in the past 24 hours.

If the MOG price holds gains above the $0.000001500 mark, it can trigger a recovery. It might go toward the upside resistance zone of $0.000001680 and the $0.000001800 mark ahead.

On the other hand, if the price fails to secure the $0.000001500 mark, it might fall toward $0.000001400. It would be followed by the $0.000001320 mark ahead.

Source