Ethereum

Bitcoin

Million

Mog Coin

Coin

The Mog Coin price is on a four-day losing streak, snapping off nearly 17% a week. The bulls attempted for support near the $0.00000185 level. However, the weakness in the broader market added more to worse, and the price suffered.&nbsp; 
The broader crypto market, including the top ones like <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/">Bitcoin</a>, <a href="https://www.thecoinrepublic.com/price-prediction/ethereum/">Ethereum</a>, <a href="https://www.thecoinrepublic.com/price-prediction/solana/">Solana</a>, etc., reacted poorly to the launch of spot Ethereum ETF. Bitcoin loomed below $64K, losing over 2%, while Ethereum neared $3100, losing over 5% a day.&nbsp; 
The selling pressure in the blue-chip cryptocurrencies added more pressure to the altcoins. A strong selloff was observed in the recent sessions. Mog Coin exchanged hands close to $0.00000161, losing over 7% a day. 
<h2 class="wp-block-heading" id="h-mog-experienced-over-30-outflow-in-oi-data">MOG Experienced Over 30% Outflow in OI Data</h2> 
Mog Coin had been one of the top weekly gainers in the previous weeks and was on a strong uptrend. However, the recent outflow in the Open Interest contracts has snapped off the recent profits.&nbsp; <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (MOG), Price (MOG)" width="800" height="425" src="https://embed.santiment.net/chart?ps=mog-coin&amp;pt=MOG&amp;df=2024-04-23T18%3A30%3A01.807Z&amp;dt=2024-07-24T18%3A29%3A59.807Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe> 
According to data from an on-chain analytics website, there has been an outflow in open interest contracts in the last four sessions. The OI has dropped by over 30% in the recent sessions from $6.6K to $4.5K, losing over $2.1K.&nbsp; 
The drop in OI data suggested a possible long unwinding due to a sudden market turnaround at the time of writing. Furthermore, the volume-to-market cap ratio of 8.15% suggested mild volatility in the crypto. Out of the 420.69 Trillion total supply, 85%, (360.4 trillion) of MOG tokens were in circulation.&nbsp; 
<h2 class="wp-block-heading" id="h-mog-coin-technical-analysis">Mog Coin Technical Analysis</h2> 
The recent selling pressure has not invalidated the trend yet. The short-term and long-term trends favored a bullish outlook at the moment. However, the recent selloff snapped off the profits from the investors’ portfolio.&nbsp;  
<a href="https://in.tradingview.com/chart/MOGUSD/U5B59foL-A-20-Million-Outflow-Triggers-a-Selloff-in-Mog-Coin-What-s-Nex/"> </a>&nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a> &nbsp; <a href="https://in.tradingview.com/"> </a>  
However, it might have brought an opportunity for those who had missed the trend earlier. The Mog Coin price hovered above the key 50-day exponential moving average at press time, suggesting a bullishness.&nbsp; 
However, stability and a possible turnaround in the price were needed to get into longs.&nbsp; 
If Mog Coin takes a rebound after stabilizing near the 50-day EMA, it may validate a trend continuation. The price may proceed toward the $0.00000254 level.&nbsp; 
A bearish crossover between the RSI and the 14-day SMA line warns investors to wait for the RSI to bounce back higher for a bullish crossover.&nbsp; 
<h2 class="wp-block-heading" id="h-can-mog-coin-revive-again">Can Mog Coin Revive Again?</h2> 
The Mog Coin has dropped 17% in a week due to broader market weakness. Major cryptocurrencies like Bitcoin and Ethereum also suffered by reacting poorly to the Ethereum ETF launch. Open interest contracts dropped 30%, indicating possible long unwinding.&nbsp; 
Moreover, despite the recent selling pressure, the overall trend remained bullish. The Mog coin price was above the 50-day EMA, suggesting potential for a rebound towards $0.00000254. Investors should watch for a bullish RSI crossover before entering long positions. 
The post <a href="https://www.thecoinrepublic.com/2024/07/26/20-million-outflow-triggers-selloff-in-mog-coin-price-whats-next/">$20 Million Outflow Triggers Selloff In Mog Coin Price: What’s Next?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

$20 Million Outflow Triggers Selloff In Mog Coin Price: What’s Next?

Table of Contents

Thecoinrepublic.com

Other articles published on Jul 27, 2024

Ripple Payment Network Catering to 80 Countries, How Does This favor XRP?

Marathon Digital Reveals: Why HODLing Bitcoin Proves to be the Winning Strategy

US Senators Push for Bitcoin’s Future: Innovation, Freedom, and Economic Growth

Is Ethereum’s Research Team Embracing Centralization?

Analysts Predict Bitcoin Could Surpass $80,000 Soon

Here's Why VET’s Corrective Phase Could Set Up for a Strong Bullish Wave Ahead

Join our free newsletter for daily crypto updates!