- Mog Coin saw a sharp retracement that began in late May – A 49% drawdown in two weeks
- Token had begun to recover at press time, despite slow demand
Mog Coin [MOG] saw a trading volume of 3.2 trillion MOG tokens, worth just over $3 million, on Monday. This was a nearly fivefold increase in volume, compared to Sunday. The strong surge in volume helped boost the memecoin convincingly above the local resistance at $0.000001 on the charts.
MOG begins recovery, but watch out for a short-term range formation!
The 1-day chart revealed a strong Monday performance for the memecoin. MOG rallied by 27.8% on the day and saw above-average trading volume as well. And yet, on balance, the buying pressure has been weak recently.
The A/D indicator has been trending south for the past month, as Mog Coin too fell to its 78.6% retracement level. The bullish reaction from this key retracement level was encouraging, but the A/D indicator was not. At press time, it was nearly at the low from April, showing seller dominance in recent weeks.
At the time of writing, the Awesome Oscillator was below the zero line – A sign that bearish momentum was predominant. The green bar on the histogram suggested the momentum was beginning to shift in favor of the bulls.
Source: MOG/USDT on TradingView
The 1-hour chart revealed that Monday saw heavy buying pressure, evidenced by the CMF, the A/D, and the volume bars. This demand slowed down over the past few hours, with the Awesome Oscillator beginning to cool down too.
A short-term range formation between $0.00000107 and $0.00000113 appeared to be in progress. Hence, scalp traders can use these levels to structure their trades.
Source: Coinglass
Finally, the 2-week liquidation heatmap revealed the build-up of liquidity around the short-term range laid out based on the H1 chart. There were liquidity clusters further north, at $0.0000012 and $0.00000128.
The heatmaps with longer lookback periods, such as 1-month and 3-month, showed the same as the 2-week chart. There was liquidity around $0.00000107, and other notable pockets further higher.
Therefore, unless Mog Coin falls below the 78.6% retracement level at $0.00000074, traders could maintain a bullish bias.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
