Whales Increasing Their Holdings: Is Mog Coin's Turnaround Immin
Whales Increasing Their Holdings: Is Mog Coin's Turnaround Imminent?
The top addresses or whales seemed to be accumulating from the 2nd week of August.
The 24 hour as well as 7 day active addresses have started to improve indicating a possible recovery in the price.
Mog Coin (MOG) price has been on a downtrend since the last week of July. The asset's price has depleted nearly 62% from its annual highs, recently falling below key exponential moving averages.
The decline suggests the bulls struggle to break above the resistance levels which could further weaken the market's positive sentiment.
However, an analyst suggests that the memecoin could make a comeback and outperform its peers in September.
Whales Accumulating At The Lows : Should You?
At the time of writing, Mog Coin was hovering close to $0.00000089 losing nearly 7.23% in intraday. Despite the intraday fall, the analysts noted an increase in the supply held by the top addresses also known as whales.
Since the 2nd week of August whales were observed to be increasing their holdings as per the analysts. The total supply held by the whales in the 1st week of August was nearly 17.51% of the total supply which has surged to 18.28% as of now.
<iframe title="Santiment Chart: Supply held by top addresses (as % of total supply) (MOG), Price (MOG)" width="800" height="425" src="embed.santiment.net/chart?ps=mog-coin&pt=MOG&df=2024-07-29T18:30:01.314Z&dt=2024-08-30T18:29:59.314Z&emcg=1&emhwm=1&wm=topHoldersPercentOfTotalSupply;price_usd&wax=1&wc=#FF5B5B;#26C953&ws=;" scrolling="no"></iframe>
Furthermore, the 24 hour as well as 7 day active addresses curves were observed to be heading upwards suggesting an increment in the number of users.
Moreover, the transaction volume has surged by nearly 36.6% indicating a heightened demand. The intraday transaction volume was $25.3 Million. Also, the volume to market cap ratio at 7.67% suggests low volatility.
The current circulating supply was 360.45 Trillion MOG tokens which was nearly 85.6% of the total supply.
Can Mog Coin Take A Rebound From The Lower Levels?
The daily chart highlights the price in a strong selling pressure in the recent session suffering multiple rejection from an upper trendline resistance. As per the analysts, the breakout of trendline resistance is crucial for a trend shift on the bullish side.
However, the price has withdrawn below the key Exponential moving average of 20, 50 and 200 days suggesting a weak outlook. On the lower side, the o.00000089 level may act as a possible demand zone and the price may head for a recovery.
On the contrary, if the selling pressure resumes near the demand it may validate more downfall in Mog Coin's price towards next support of $0.00000060. The technical indicators are leaving a bearish note on a combined analysis.
Mog Coin (MOG) has been on a downtrend since late July, losing 62% from its annual highs . Currently trading around $0.00000089, MOG price was down over 7% in intraday. Despite all this, whale holdings have increased from 17.51% to 18.28% since early August. Active addresses and transaction volume have also risen, indicating higher demand.
However, the price faces strong selling pressure and multiple rejections from an upper trendline resistance. A breakout above this resistance is crucial for a bullish trend shift, while continued selling could push the price down to $0.00000060.
The top addresses or whales seemed to be accumulating from the 2nd week of August.
The 24 hour as well as 7 day active addresses have started to improve indicating a possible recovery in the price.
Mog Coin (MOG) price has been on a downtrend since the last week of July. The asset's price has depleted nearly 62% from its annual highs, recently falling below key exponential moving averages.
The decline suggests the bulls struggle to break above the resistance levels which could further weaken the market's positive sentiment.
However, an analyst suggests that the memecoin could make a comeback and outperform its peers in September.
Whales Accumulating At The Lows : Should You?
At the time of writing, Mog Coin was hovering close to $0.00000089 losing nearly 7.23% in intraday. Despite the intraday fall, the analysts noted an increase in the supply held by the top addresses also known as whales.
Since the 2nd week of August whales were observed to be increasing their holdings as per the analysts. The total supply held by the whales in the 1st week of August was nearly 17.51% of the total supply which has surged to 18.28% as of now.
<iframe title="Santiment Chart: Supply held by top addresses (as % of total supply) (MOG), Price (MOG)" width="800" height="425" src="embed.santiment.net/chart?ps=mog-coin&pt=MOG&df=2024-07-29T18:30:01.314Z&dt=2024-08-30T18:29:59.314Z&emcg=1&emhwm=1&wm=topHoldersPercentOfTotalSupply;price_usd&wax=1&wc=#FF5B5B;#26C953&ws=;" scrolling="no"></iframe>
Furthermore, the 24 hour as well as 7 day active addresses curves were observed to be heading upwards suggesting an increment in the number of users.
Moreover, the transaction volume has surged by nearly 36.6% indicating a heightened demand. The intraday transaction volume was $25.3 Million. Also, the volume to market cap ratio at 7.67% suggests low volatility.
The current circulating supply was 360.45 Trillion MOG tokens which was nearly 85.6% of the total supply.
Can Mog Coin Take A Rebound From The Lower Levels?
The daily chart highlights the price in a strong selling pressure in the recent session suffering multiple rejection from an upper trendline resistance. As per the analysts, the breakout of trendline resistance is crucial for a trend shift on the bullish side.
However, the price has withdrawn below the key Exponential moving average of 20, 50 and 200 days suggesting a weak outlook. On the lower side, the o.00000089 level may act as a possible demand zone and the price may head for a recovery.
On the contrary, if the selling pressure resumes near the demand it may validate more downfall in Mog Coin's price towards next support of $0.00000060. The technical indicators are leaving a bearish note on a combined analysis.
Mog Coin (MOG) has been on a downtrend since late July, losing 62% from its annual highs . Currently trading around $0.00000089, MOG price was down over 7% in intraday. Despite all this, whale holdings have increased from 17.51% to 18.28% since early August. Active addresses and transaction volume have also risen, indicating higher demand.
However, the price faces strong selling pressure and multiple rejections from an upper trendline resistance. A breakout above this resistance is crucial for a bullish trend shift, while continued selling could push the price down to $0.00000060.
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