Mog Coin (MOG) price has been in a downtrend since the last week of July. The asset’s price fell nearly 62% from its annual highs, falling below key exponential moving averages. Despite this scenario, Mog Coin price prediction may see a positive development. Here’s why.
The decline suggests that the bulls struggle to break above the resistance levels which could further weaken the market’s positive sentiment. However, an analyst suggests that the memecoin could make a comeback and outperform its peers in September.
Whales Accumulating at the Lows: Should You Follow Suit?
At the time of writing, MOG was hovering close to $0.00000089 losing nearly 7.23% intraday. Despite the intraday fall, the analysts noted an increase in the supply held by the top addresses also known as whales.
Since the 2nd week of August, whales were observed to be increasing their holdings as per the analysts. The total supply held by the whales in the 1st week of August was nearly 17.51% of the total supply which has surged to 18.28% as of now.
Source: Santiment
Furthermore, the 24-hour as well as the 7-day active addresses curves were heading upwards, suggesting an increment in the number of users.
Transaction volume has surged by nearly 36.6% indicating a heightened demand. The intraday transaction volume was $25.3 Million. Also, the volume to market cap ratio at 7.67% suggests low volatility.
The current circulating supply was 360.45 Trillion MOG tokens which was nearly 85.6% of the total supply.
Can Mog Coin Pick Itself Back Up?
On the daily chart, Mog Coin price seemed to be under strong selling pressure, suffering multiple rejections from an upper trendline resistance.
However, the price has withdrawn below the key exponential moving average of 20, 50 and 200 Day EMAs, suggesting a weak outlook. On the lower side, the $0.00000089 level may act as a demand zone and the price may head for a recovery.
On the contrary, if the selling pressure resumes near the demand zone, it may extend the downfall to the $0.00000060 support. Technical indicators are leaving a bearish note on a combined analysis.
MOG has been in a downtrend since late July, losing 62% from its annual highs. Currently, trading at around $0.00000089, MOG was down over 7% intraday. Despite all this, whale holdings have increased from 17.51% to 18.28% since early August. Active addresses and transaction volume have also risen, indicating higher demand.
Amid strong selling pressure and multiple rejections from upper trendline resistance, a breakout is crucial for the trend to turn bullish. Prolonged selling could push the price down to $0.00000060.
