Mog Coin Price Drops 12% As Traders Eye This Cat-Themed Rival

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The Mog Coin price tumbled over 12% in the last 24 hours to trade at $0.000002195 as of 3:49 a.m. EST as investors offload their holdings in the meme coin on the market.

With the 24-hour drop the MOG price suffered, the altcoin’s weekly performance is now more than 30% in the red.

Mog Coin Price Resting On A Key Support

MOG Chart Image

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

The Mog Coin price has been in a negative sequence over the last few days, printing a series of lower lows and lower highs during this period and resulting in the formation of a descending price channel. Now, the meme coin is resting on the support level at $0.000002167. Should it drop below this mark in the next few hours, MOG might fall to the next mark at $0.000001674.

This drop might not happen if the Mog Coin price rebounds from the $0.000002167 support. In this alternative case, the crypto might try to break above the upper boundary of the bearish channel, which coincides with the resistance level at $0.000002554. Closing a 4-hour candle above this price point in the next 12 hours could lead to a climb to as high as $0.000003246.

Technicals Show Bears Are Still In Control Of The Mog Coin Price

From a technical standpoint, indicators on MOG’s 4-hour chart warn the meme coin might keep dropping in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flashing bearish.

RSI readings have dropped over the last few days, which signal that bulls have lost a lot of strength. With the current negative slope of the RSI line, it seems bears are still growing stronger against bulls. This could mean that sellers will exert even more pressure on the Mog Coin price in the coming 24 hours.

Momentum currently favors sellers as well, which is evidenced by the MACD line positioning below the MACD Signal line. While the gradual increase in MACD Histogram values in the last couple of hours suggests a slight weakening in bearish momentum, this alone likely does not outweigh the decreasing RSI values and the negative price channel.

While the Mog Coin price tries to hold onto key support, investors are flocking to cat-themed meme coin rival Catslap (SLAP) ahead of its $1 million token burn later today. This cut in supply combined with the hype around the new token could lead to a price surge in the near term.

SLAP’s price has already soared more than 3,044% since its launch, but this might just be the beginning, according to crypto experts. In a recent video, popular YouTuber Jacob Crypto Bury told his more than 45.5K subscribers that SLAP has the potential to be the next 100X meme coin.

Gamers Rush To Rack Up Slaps On The Global Slapometer

Catslap gained traction through its viral slapping game, which allows players to slap a variety of characters including Pepe the frog, Chris Rock, Kamala Harris and Michael Jackson. So far, more than 1.2 billion slaps have been recorded globally.

Recently, the project’s team implemented a slap-to-earn functionality in the game as well, allowing players to earn crypto rewards for every slap. With this ability to earn, there is now speculation that Catslap could repeat the success of the viral clicker game Hamster Kombat, which has risen to a market cap of over $154 million.

Catslap tweets

SLAP already has a market cap of $28.3 million, which means repeating Hamster Kombat’s success could yield at least a 5X return as things stand.

SLAP Already Trading On A Top Crypto Exchange

What gives SLAP a major advantage over its competitors is the fact that it deviated from the traditional presale route. Instead, the team opted to list the token on the open market from day one. With this approach, SLAP does not stand the risk of undergoing a post-presale dump.

In addition to being able to trade SLAP on a decentralized exchange, the meme coin also recently scored a listing on the centralized platform MEXC, which is one of the top exchanges in terms of daily trading volume. This gives the token massive exposure to a large pool of traders.

The meme coin has also partnered with Best Wallet, which is one of the fastest growing and most innovative crypto wallets. Through this collaboration, Catslap gains access to over 70,000 users and makes it much easier for investors to buy the meme coin.

Purchase SLAP here.

Catslap (SLAP) – New Cat Meme Coin On Ethereum