Mog Coin (MOG) Price Falls Out of a Bullish Channel, Drops 9%

The Mog Coin price plummeted over 9% in the last 24 hours to trade at $0.000002074 as of 11:23 p.m. EST as investors dump their holdings in the meme coin

The value of Mog Coin has decreased by more than 9% in the last 24 hours, reaching $0.000002074 by 11:23 p.m. EST as investors sell their holdings of the meme coin in the market.

Despite the recent correction over the last 24 hours, MOG is still trading in the green on the longer-term time frames. The altcoin is up 5% over the last week and has seen a massive 32% increase in its value over the last month.

Mog Coin Price Falls Out Of A Bullish Channel

4-hour chart for MOG/USD (Source: GeckoTerminal)

The price of Mog Coin fell out of an ascending price channel in the last 24 hours after it managed to briefly push above the $0.000002347 resistance level. Now, the altcoin risks testing the closest support at $0.000001913 within the next 24 hours. If this technical floor fails to hold, MOG could drop to the next major level at $0.000001600.

However, if buyers find the crypto’s current price levels attractive enough to buy, a drop below the $0.000001913 support might be prevented, potentially leading to a bounce back up. In this alternative scenario, the Mog Coin price could make another attempt at the aforementioned $0.000002347 resistance. Clearing this hurdle could then see it climb to $0.000002751.

Mog Coin Price Triggers A Short-Term Bearish Technical Flag

From a technical perspective, indicators on MOG’s 4-hour chart are warning that the meme coin’s price drop may not be over yet. Relative Strength Index (RSI) readings have taken a steep downturn over the last few hours to indicate diminishing buyer strength. Moreover, the negative slope of the RSI line is warning that sellers could soon gain control of the Mog Coin price.

A short-term bearish technical flag was also triggered by the Moving Average Convergence Divergence (MACD) indicator in the last 24 hours, with the MACD line crossing below the MACD Signal line during this period. This specific technical occurrence is typically seen as a sign that a crypto has entered a bearish trend.

If these technical warning signs influence traders’ decisions throughout today’s trading session, the Mog Coin price could potentially drop below the $0.000001913 support level.

While sellers put pressure on the Mog Coin price, investors are quickly accumulating meme coin competitor Crypto All-Stars (STARS), not least for its annual staking return of 498% on STARS tokens.

Offering An Innovative Way For Meme Coin Lovers To Grow Their Bags

A new type of meme coin, Crypto All-Stars (STARS), comes with high levels of utility. This is because the project does not revolve solely around its native token. Instead, Crypto All-Stars offers meme coin lovers a single innovative staking platform that supports 11 big name cryptos.

Already, DOGE, SHIB, PEPECOIN, FLOKI, BRETT, MOG, LADYS, TOSHI, COQ, BONK, and TURBO can be locked up on the Crypto All-Stars platform for passive rewards. The team has also shared that more staking options will be making their way onto the platform in the coming weeks.

Any token that is staked will generate crypto rewards that are paid out in the project’s own STARS token, which experts and analysts say has huge speculative potential.

In a recent video, popular YouTuber ClayBro, who has over 130K subscribers, stated that STARS could soar 26X after its launch.