MOG Price Structure Analysis!

30 lug

Mogcoin (MOG) experienced a significant upward price movement that began after a consolidation phase that ended in mid-February 2024. On the daily time frame chart, the major price structure activity occurred within an upward parallel channel, where the momentum led performance has been formulated on the chart.

On March 7th, 2024, MOG-meme first touched the upper boundary of the channel. After a decline, the price reached the lower side of the channel by April 13th. Between April 13th and May 13th, 2024, its price consolidated and then rebounded to the upper boundary of the channel by May 29th, 2024. Following this, MOG hit an all-time high (ATH) for the second time but then, due to instability, plummeted away to the channel’s lower boundary by June 18th.

On June 18th, MOG surged again, adhering to the wedge pattern, and reached the upper boundary of the channel, marking its third ATH on July 1st, 2024. However, this third peak deflected its price again, causing the price to pull back to the resistance-turned-support level at $0.000001250 (the first peak).

Moreover, the price surged 110% and created the 4th peak at $0.000002454 by July 21st, 2024. Recently, the price took another pullback to second peak resistance, turned support at $0.000001600, and approached the wedge upper border again.

Once its price gets through the upper border, a new ATH, a fifth one, could take place, indicators show the bullish needle. As EMA's back the price, MACD anticipated to give bullish cross, where histogram at negative 0.00000003201, and RSI flashed at 58.32 headed for overbought.

Therefore, the resistance lies at $0.000002454, and $0.000003000 (round number). On the contrary, if the upper border deflects the price, then the support would be at $0.000001600 and $0.000001300, respectively.