Pressure Builds on Mog Coin (MOG): Trap the Bears or Feed Them More?

• Mog Coin currently trades at $0.0000002405.
• MOG’s daily trading volume has reached $6.85M.

The broader crypto market sentiment is fear again, but both red and green charts are found across the digital assets. Meanwhile, the meme coin market cap is settled at $43.60 billion, after a 2.7% spike. Among the tokens, the Mog Coin (MOG) price has registered a modest gain of over 2.96% in the last 24 hours. 

The meme coin kicked off the day, trading at a low of $0.0000002322, and with the brief bullish recovery, a move to the upside was initiated toward a high range of $0.0000002453. At the time of writing, Mog Coin trades at around $0.0000002405, and its daily trading volume has reached the $6.85 million mark. 

The recent trading window of Mog Coin reports a downtrend, and the price could retrace to its crucial support below $0.0000002390. If the bears gained more traction, the price action would continue to lose strength and fall even lower. Conversely, if the price trajectory flips to the bullish side, the Mog Coin price might climb toward the resistance level above the $0.0000002420 range. Further pressure on the upside triggers the bulls to move higher. 

Technicals Hint at Mog Coin Struggle: Bears in Control

Mog Coin’s Moving Average Convergence Divergence (MACD) line and the signal line are positioned below the zero line, which implies a bearish shift. Also, the short-term trend is weaker than the long-term trend. As long as they remain below zero, the upside moves will face resistance.

MOG chart (Source: TradingView)

In addition, the Chaikin Money Flow (CMF) indicator at -0.02 points to a slight negative money flow into the MOG market. More capital is moving out, but the pressure is weak, not aggressive. There is a mild selling interest rather than a strong bearish market confidence.

The daily Relative Strength Index (RSI) of Mog Coin at 47.42 suggests neutral sentiment, neither overbought nor oversold. Notably, there is no clear directional bias, and the market is in a consolidation phase. Furthermore, MOG’s Bull Bear Power (BBP) reading is 0.0000000056, very close to zero. This displays a balance between bullish and bearish pressure within the market, hinting at low momentum in the price action.

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