The price of Mog Coin has seen a double-digit increase today. Although it has started to see some retracement in value, the crypto price could still make some more upward moves in the short-term
The price of Mog Coin has seen a double-digit increase today. Although it has started to see some retracement in value, the crypto price could still make some more upward moves in the short-term
The bullish signal began when the price rejected support at around $0.0000016 two days ago. The price returned to that point yesterday but still could not break below this level, just as it did in late October.
The last time this happened, we saw an over 30% price increase to the top of the descending channel, which acted as resistance. This prevented the price from increasing further.
With the support holding again, we expect a similar situation, where the price rallies to the defining channel for another attempt at breaking through.
If successful, it could be the start of a major rally for the MOG meme coin. Otherwise, the price could continue consolidating between these two key levels.
Basically, the price has been rallying today, with strong support holding at a key level. Only time will tell if the descending channel will serve as resistance again.
At the time of writing, the 50-day SMA is below the price while the relative strength index is at 52, showing that there is a lot of space for a rally in case the price keeps going up.
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