Can Mog Coin [MOG] sustain the uptrend?

Since hitting a local low of $0.0000019, Mog Coin [MOG] has experienced a strong upswing to reach a local high of $0.00000297.

Memecoin Mog Coin [MOG] has been the center of attention after experiencing a strong upswing from a local low of $0.0000019 to reach a high of $0.00000297. At press time, MOG was trading at $0.00000294.

This uptick in price also saw MOG post gains of 36.39% on the weekly charts. Moreover, the altcoin extended its bullish outlook on the daily charts as well, rising by 8.78%. However, before this price pump, MOG had been on a downward trajectory, dropping by 26.46% on the monthly charts.

With the weekly gains, the question arises whether the memecoin can sustain the uptrend. Amidst these gains, one thing that stands out is increased demand for the memecoin from both whales and retailers.

Can MOG sustain the uptrend?

According to AMBCrypto’s analysis, Mog Coin is currently experiencing a strong upward momentum amidst increased buying pressure.

Source: TradingView

This upward momentum began when the memecoin’s MACD made a bullish crossover 48 hours ago. This crossover indicates a strengthening momentum to the upside, with more gains than losses, signaling that buying pressure outweighs selling.

The rising Relative Strength Index (RSI), which has surged from 38 to 60 over the past week, further confirms this trend. A continually rising RSI suggests that buyers are in control of the market.

Source: Santiment

Looking further, the demand for the memecoin is even more prevalent among whales. As such, supply held by whales spiked from 242.4 Trillion to 245.69 trillion in 24 hours.

This shows that whales bought 3.29 trillion MOG tokens in a single day. When whales turn to massive accumulation, it shows they are bullish and expect prices to surge further.

Source: Santiment

Finally, Mog Coin’s MVRV Ratio signaled market recovery, rising from 1.7 to 2.8 over the past week.

Historically, Mog Coin reached peaks when its MVRV surpasses 4.5 and starts a correction after 4.99. With the MVRV currently at 2.8, it indicates that markets are healthy and have room for further price growth.

What next for the memecoin?

With increased buying pressure and positive sentiments, MOG is in a favorable position for more gains.

If current conditions hold, the memecoin could attempt to reclaim $0.0000031. A breakout from this level may push MOG to attempt a $0.0000036 resistance level. However, if demand fades and investors start taking profits, MOG could retrace to $0.0000025.