Ethereum’s MOG rises 100%, flips BOME: Are the memecoin tides turning?

• Mog Coin flipped BOME by market capitalization, rising over 100% previously week.
• Technical indicators steered potential overbought situations for Mog Coin’s present value rally.

Ethereum [ETH] memecoin Mog Coin [MOG] has been experiencing a notable improve in worth, with its value rising by 10.31% previously 24 hours to $0.000001922, per CoinMarketCap.

The market cap has equally surged by 8.92%, reaching $692.62 million, inserting it at rank #97. 

Regardless of this optimistic value motion, the each day buying and selling quantity has decreased by 32.98% to $53.47 million. Therefore, whereas investor confidence rose, buying and selling exercise declined, indicating doable consolidation.

Ethereum’s MOG flips Solana’s BOME

MOG Coin just lately flipped BOOK OF MEME [BOME] whereas showcasing a surge of over 115% previously week. This spectacular efficiency has propelled MOG to develop into one of many top-performing meme cash.

Hypothesis is rising about whether or not MOG can even surpass BONK, pushed by renewed curiosity within the Solana [SOL] ecosystem and optimistic developments within the crypto ETF area.

Supply: Crypto Bubbles

OSF, a determine within the crypto area, commented that MOG’s development over the previous yr exemplified a well-executed memecoin technique.

This community-driven momentum has been an important think about MOG’s speedy ascent out there.

Equally, Eddie, a crypto dealer on X (previously Twitter), remarked, 

“$MOG nonetheless holding up, getting a lot of timeline mentions & most important mog homies like @kmoney_69 doubling down on memeing the token.”

He added, 

“I opened a commerce round right here, huge cease loss and on the lookout for momentum to proceed. I’ll shut my commerce if the market breaks down or MOG chart reveals weak point.”

Supply: Eddie/X

Technical evaluation and market indicators

The value chart for Mog Coin confirmed a rising wedge sample at press time, indicating potential upward momentum within the brief time period.

The Bollinger Bands steered that MOG was experiencing volatility, with the worth hovering close to the higher band, typically signifying overbought situations.

The present ranges had been considerably above the shifting common, reinforcing the bullish sentiment.

At press time, the Relative Power Index (RSI) was at 70.10, coming into the overbought territory, which might sign a possible pullback or consolidation quickly.

The Commodity Channel Index (CCI) was additionally in a excessive vary at 114.29, additional suggesting that MOG is perhaps overextended.

Merchants ought to look ahead to any bearish divergence or a break under the rising wedge sample, which might point out a reversal or correction.

Supply: TradingView

In response to IntoTheBlock, transaction statistics for Mog Coin revealed an total improve in each transaction quantity and value from late February to early Could 2024.

Learn Mog Coin’s [MOG] Worth Prediction 2024-25

The variety of transactions peaked in late Could, aligning with a value surge, earlier than they started to say no in June.

This sample indicated a interval of heightened exercise and curiosity within the Ethereum-based memecoin, adopted by a subsequent lower in market engagement.