MOG Coin has demonstrated significant growth by surpassing a resistance level, forming a 'cup-and-handle' pattern. This sets the stage for further upside potential.
Breakout from Key Pattern
MOG Coin has moved above a long-term resistance level after forming a cup-and-handle pattern on the daily chart. The breakout took place just above $0.00000148, with the price now hovering near $0.00000167. Notably, the handle formed over several weeks before breaking to the upside. Analyst Ali Martinez noted that the pattern could lead to a move toward $0.00000585, indicating a potential 250% gain from current levels.
Heavy Activity in the Derivatives Market
Open interest for MOG Coin futures has surged to $2.95 million, up over 47% in the last 24 hours, marking the highest level on record based on Coinglass data. Trading volume also increased by 73%, currently sitting at $20 million. This rise in both metrics illustrates growing interest from traders, particularly after the price broke out of its handle pattern.
Indicators Show Strength
MOG’s daily chart displays bullish signs. The Supertrend flipped to green near $0.00000126 and remains below the current price, acting as support. The RSI is just below 70, sitting at 67.29, indicating the asset is gaining strength without entering an extreme zone.
Current metrics of MOG Coin, including the increasing trader interest and positive indicators, suggest the potential for further prices growth. Breaking through the key resistance level opens new horizons for potential price increases.
