Meme coin Mog Coin (MOG) has experienced a price surge in the past 24 hours, with its value increasing by 9%. This bullish momentum has propelled it to the top of the gainers list.
BeInCrypto’s assessment has shown that this price surge is attributed to the activity of large MOG holders or whales. These whales have accumulated the meme coin over the past week, signaling strong bullish sentiment. The question remains: can this momentum propel the coin back to its all-time high of $0.000002484?
Mog Coin Whales Fill Their Bags
MOG whales holding between 10,000 and 100,000,000 tokens have ramped up their holdings over the past week, adding an impressive 470 million MOG tokens in just seven days. This group now collectively owns 11.15 billion MOG tokens—the highest level since the token’s launch.
This surge in whale accumulation signals a bullish trend, as large holders often wield substantial influence over an asset’s circulating supply, impacting both market sentiment and price direction. When whales amass more of an asset, they effectively reduce its available supply in the market. As supply tightens, even a slight rise in demand can lead to a price increase.
Read more: What Are Meme Coins?
Moreover, MOG’s average holding time has risen over the past week, fueling its recent price surge. According to data from IntoTheBlock, the coin’s holding time — which measures how long investors hold coins before trading them — has increased by 20% over the last seven days.
An extended holding time signals a bullish outlook, indicating that investors choose to hold onto the asset for longer durations. This reflects growing optimism among holders regarding the MOG coin’s short- and long-term potential.
MOG Price Prediction: This is the Key Price to Watch
Currently, the MOG coin is trading at $0.000002119, hovering just above the key resistance level of $0.000002104. This resistance is a crucial barrier between its current price and its all-time high of $0.000002487.
The meme coin’s rising Relative Strength Index (RSI) suggests a strong potential for flipping this resistance into a support level. Currently, MOG’s RSI stands at 59.91, indicating significant buying pressure as it tracks the asset’s oversold and overbought market conditions.
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If this positive trend continues, the $0.000002104 mark could become a support floor, potentially enabling MOG to reclaim its all-time high of $0.000002487.
However, if buying pressure diminishes and profit-taking activity increases, MOG coin price may decline to $0.000001802, its next major support level.
Disclaimer
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