- Mog coin continued to trade in a five-month range.
- A breakout of the range is not expected soon.
Mog coin (MOG) had a bullish October. It recovered from the five-month range lows in September and flipped the mid-level to support in early October. The same coin is up 19.3% from the lows of Saturday October 26.
Mog coin is just 22% below its ATH, and Bitcoin (BTC) is just 3.6%. Could this bullish wave push the coin beyond the range highs?
Range training for MOG
Source: MOG/USDT on TradingView
Mog Coin has been trading in a range of $0.00000075 to $0.00000236 since June. Despite the strong gains recorded in October, the range formation is not yet broken.
The mid-level at $0.00000155 was almost retested as support last weekend. Since then, the same coin has risen by over 15%. Yet on the 12-hour chart, the Awesome Oscillator remained below the zero mark.
This shows that the momentum is still in favor of the bears. Likewise, the CMF has not been able to rise above the +0.05 level to signal strong capital inflows into the market.
The price action revealed that MOG was still in an uptrend. As long as the token remains above the median support, a move towards the range highs is expected. However, a breakout is not imminent and Bitcoin could affect MOG’s trend.
Arguments in favor of downward pressure
Source: In the block
Data from IntoTheBlock showed that inflows and outflows showed a majority of holders making profits. As of October 28, 78.3% of addresses were in the money. This could lead to selling pressure due to profit taking.
Source: Coinglass
AMBCrypto found that the short-term liquidation heatmap favored continued gains. The $0.00000206-$0.00000214 region is the next magnetic zone. Further north, the range highs made the $0.0000023 area a firm resistance area.
Realistic or not, here is the market capitalization of MOG in terms of BTC
This meant that the regions described were prime candidates for a short squeeze followed by a bearish reversal. If the bulls are strong enough, a range breakout is possible, but as things stand, traders can look to take profits at $0.00000214 and $0.00000234.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
