Decoding Price Chart Of MOG, And Finding Out The Next Move!

Jul 10

MOG illustrated a seamless upward trend after the consolidation period that ended after mid-February 2024. Thereafter, MOG price activity was majorly into an upward parallel wedge on the day time frame chart.

The first touch to the upper boundary of the wedge was around March 7th, 2024, then after deteriorating, the price touched the lower boundary of the channel by April 13th.

Thereon, MOG harnessed strength between April 13th to May 13th, 2024, and after that, the price of MOG surged again from the lower boundary to the upper boundary of the wedge by May 29th,2024. After the formation of a successful two-time ATH peak, the price plunged from May 29th to June 18th towards the lower boundary of the channel.

The recent surge highlighted that the price propelled from June 18th to the upper boundary of the channel, which created a streak by creating a third ATH peak by July 1st, 2024.

However, the third peak showed instability, and the price took a pullback to the resistance that turned into a support of the first peak at $0.000001250. Meanwhile, in the last three days, it has surged 40% and headed for a wedge upper boundary, which could be surpassed based on buyers' interest this time and stretch its gains towards higher levels.

However, if MOG fails to sustain the recent increases, then the price could retract back from the upper boundary to the lower boundary, as well.

The MOG price has taken strong support from the dynamic support bands of 200-day and 50-day EMAs.

Meanwhile, the MACD anticipates a bullish crossover on the daily chart. RSI flashed at 59.50, which appears that there still remains a possibility for price advancement, as RSI has not yet crossed the overbought level of 70.