- Mog Coin approached the range highs with bullish intentions
- On-chain metrics reflected a solid accumulation needed for a breakout
Mog coin [MOG] traded within a range stretching from $0.0000021 to $0.00000075 (MOG prices here multiplied by 1000 for readability). The price of the meme coin approached the mid-level of $0.00156 and recovered higher from the demand zone.
On Monday, November 4, such an upswing was seen again. Since these lows, Mog Coin is up 27.5%, and up almost 10% for the day. Will we witness an outbreak in the range soon?
Average trading volume indicates a lack of confidence
Source: MOG/USDT on TradingView
On the daily time frame, the Awesome Oscillator fell towards zero, showing that momentum was hardly bullish. The volume bars fluctuated around the average trading volume of the past 20 days.
This came at a time when the bulls managed to defend the $0.00165 support zone. Additionally, the A/D indicator slowly crept higher to indicate that buyers had the upper hand.
This advantage on the volume front was enough to see gains in the upper half of the range formation, but was not evidence of a breakout past the highs. Therefore, as things stand now, traders may look to sell into the $0.0023 region.
A pullback to the mid-range, or a breakout and retesting of the range highs, can be used to re-enter long positions.
On-chain statistics signal distribution for Mog Coin
The dormant circulation peaks have been of similar magnitude since late September. Another peak occurred on November 4, when the price hit a local low on the lower time frames.
Realistic or not, here is MOG’s market cap in BTC terms
The number of daily active addresses has decreased over the past three weeks. More worrying for HODLers has been the steady decline in the average coin age over the past two months.
This downtrend indicated Mog Coin movement and likely profit-taking activity. It highlighted a lack of bullish belief among holders.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer
Credit : ambcrypto.com
