A $20 Million Outflow Triggers a Selloff in Mog Coin: What's Nex
A $20 Million Outflow Triggers a Selloff in Mog Coin: What's Next?
The Open Interest contracts have dropped by 30% adding pressure in Mog Coin.
At the time of writing, Mog Coin was trading close to $0.00000161 recording a negative intraday development of 7.27%.
Mog Coin price is on a four day losing streak snapping off nearly 17% a week. The bulls attempted for a support near the $0.00000185 level however, the weakness in the broader market added more to the worse and the price suffered.
The broader crypto market including the top ones like, Bitcoin, Ethereum, Solana etc. reacted poorly to the launch of spot Ethereum ETF. Bitcoin loomed below
64K losing over 2% while Ethereum neared $3100 losing over 5% a day.
The selling pressure in the blue chip cryptocurrencies added more pressure to the altcoins and a strong selloff was observed in the recent sessions. At the time of writing, Mog Coin was exchanging hands close to $0.00000161 losing over 7% a day.
MOG Experienced $20 Million Outflow Recently
Mog Coin had been one of the top weekly gainers in the previous weeks and was on a strong uptrend. However, the recent outflow in the Open Interest contracts have snapped off the recent profits.
As per the data obtained by an on-chain analytics website, there has been an outflow in the Open interest contracts in the last four sessions. The OI has dropped by over 30% in the recent sessions from $65 Million to $45 million losing $20 Million.
The drop in OI data suggests a possible long unwinding due to sudden market turn around. Furthermore, the volume to market cap ratio at 8.15% suggests mild volatility in the crypto. Out of 420.69 Trillion total supply, 85% i.e. 360.4 Trillion MOG tokens are currently under circulation.
Mog Coin Technical Analysis
The recent selling pressure has not invalidated the trend yet. The short term as well as long term trend favors a bullish outlook at the moment. Though the recent selloff has snapped off the profits from the investors portfolio.
However, it might have brought an opportunity for those who had missed the trend earlier. Currently, Mog Coin price hovers above the key 50 day exponential moving average suggesting a bullishness. However, a stability and a possible turnaround in the price is needed to get into longs.
Now if Mog Coin takes a rebound after stabilizing near the 50 day EMA, it may validate a trend continuation and the price may proceed towards the $0.00000254 levels. Also, a bearish crossover between the RSI and 14 day SMA line warns the investors to wait RSI bounces back higher for a bullish crossover.
Can Mog Coin Revive Again?
Mog Coin has dropped 17% in a week due to broader market weakness. Major cryptocurrencies like Bitcoin and Ethereum also suffered reacting poorly to the Ethereum ETF launch. Open interest contracts dropped 30%, indicating possible long unwinding.
Moreover, despite the recent selling pressure, the overall trend remains bullish. Mog Coin is above the 50-day EMA, suggesting potential for a rebound towards $0.00000254. Investors should watch for a bullish RSI crossover before entering long positions.
Keyword: Mog Coin
Meta Description: Mog Coin has dropped 17% in a week due to broader market weakness.
The Open Interest contracts have dropped by 30% adding pressure in Mog Coin.
At the time of writing, Mog Coin was trading close to $0.00000161 recording a negative intraday development of 7.27%.
Mog Coin price is on a four day losing streak snapping off nearly 17% a week. The bulls attempted for a support near the $0.00000185 level however, the weakness in the broader market added more to the worse and the price suffered.
The broader crypto market including the top ones like, Bitcoin, Ethereum, Solana etc. reacted poorly to the launch of spot Ethereum ETF. Bitcoin loomed below
64K losing over 2% while Ethereum neared $3100 losing over 5% a day. The selling pressure in the blue chip cryptocurrencies added more pressure to the altcoins and a strong selloff was observed in the recent sessions. At the time of writing, Mog Coin was exchanging hands close to $0.00000161 losing over 7% a day.
MOG Experienced $20 Million Outflow Recently
Mog Coin had been one of the top weekly gainers in the previous weeks and was on a strong uptrend. However, the recent outflow in the Open Interest contracts have snapped off the recent profits.
As per the data obtained by an on-chain analytics website, there has been an outflow in the Open interest contracts in the last four sessions. The OI has dropped by over 30% in the recent sessions from $65 Million to $45 million losing $20 Million.
The drop in OI data suggests a possible long unwinding due to sudden market turn around. Furthermore, the volume to market cap ratio at 8.15% suggests mild volatility in the crypto. Out of 420.69 Trillion total supply, 85% i.e. 360.4 Trillion MOG tokens are currently under circulation.
Mog Coin Technical Analysis
The recent selling pressure has not invalidated the trend yet. The short term as well as long term trend favors a bullish outlook at the moment. Though the recent selloff has snapped off the profits from the investors portfolio.
However, it might have brought an opportunity for those who had missed the trend earlier. Currently, Mog Coin price hovers above the key 50 day exponential moving average suggesting a bullishness. However, a stability and a possible turnaround in the price is needed to get into longs.
Now if Mog Coin takes a rebound after stabilizing near the 50 day EMA, it may validate a trend continuation and the price may proceed towards the $0.00000254 levels. Also, a bearish crossover between the RSI and 14 day SMA line warns the investors to wait RSI bounces back higher for a bullish crossover.
Can Mog Coin Revive Again?
Mog Coin has dropped 17% in a week due to broader market weakness. Major cryptocurrencies like Bitcoin and Ethereum also suffered reacting poorly to the Ethereum ETF launch. Open interest contracts dropped 30%, indicating possible long unwinding.
Moreover, despite the recent selling pressure, the overall trend remains bullish. Mog Coin is above the 50-day EMA, suggesting potential for a rebound towards $0.00000254. Investors should watch for a bullish RSI crossover before entering long positions.
Keyword: Mog Coin
Meta Description: Mog Coin has dropped 17% in a week due to broader market weakness.
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