Mog Coin (MOG) Price Approaches Range Midpoint, Will We Soon See a Breakout?

Mog Coin [MOG] was trading within a range that extended from $0.0000021 to $0.00000075 (MOG prices multiplied by 1000 here on for legibility).

Mog Coin (MOG) price encountered resistance at the $0.0023 zone following a quick move from the demand area around $0.00156 (MOG prices multiplied by 1000 here on for legibility). The meme coin price recovered by 27.5% from those lows.

On Monday, the 4th of November, another such bounce was seen. But what next for MOG as it trades within a range?

Mog Coin daily timeframe analysis

MOG/USDT daily chart. Source: TradingView

On the daily timeframe, the Awesome Oscillator fell toward the zero mark and showed that momentum was just barely bullish. The volume bars have been hovering at the the past 20 days’ average trading volume.

This came at a time when the bulls managed to defend the $0.00165 support zone. Additionally, the A/D indicator slowly crept higher to signal buyers had the upper hand.

This advantage on the volume front was enough to see gains in the upper half of the range formation but was not evidence for a breakout beyond the highs. Therefore, as things stand, traders can look to sell at the $0.0023 region.

A pullback to the mid-range region, or a breakout and retest of the range highs, can be used to re-enter long positions.

MOG on-chain analysis

MOG on-chain metrics. Source: Santiment

The on-chain analysis for Mog Coin showed that the 30-day Moving Average Hash Rate (MHR) remained at September levels despite the price pump.

The dormant circulation spikes have been of a comparable size since late September. Another such spike occurred on the 4th of November when the price made a local bottom on the lower timeframes.

The daily active addresses has been in decline over the past three weeks. More concerning to the HODLers was the steady decrease in the mean coin age over the past two months.

This downtrend indicated MOG coin movement and likely profit-taking activity. It highlighted a lack of bullish belief among holders.