Ethereum meme coins are rising in prominence, and cat coins are experiencing a special revival as MOG pumps into slowing Grayscale sell pressure.
We woke up this morning to a strong Mog bounce after Ethereum-based meme coins bounced strongly after Ethereum sell-off due to Grayscale selling Ethereum.
I would advise the reader to first read our first article on MOG, which explains some of the terms being used in this article, such as moving averages and relative strength index, which can be found here.
Then, read our latest article about MOG, which gives a recap of why and how we placed some of the levels used. You can read that here.
MOG Price Analysis: Support and Resistances
(Mog USDT – Support and Resistances)
When we wrote our last analysis on MOG, it reached a new all-time high during the next few days and became one of the strongest coins on the market.
Since then, we can see that it sold off and bounced very strongly from what was previously resistance and support. The daily candle closes, and the daily candle looks super, super bullish right now.
If the daily candle closes green, purely looking at support and resistances, it should make a new all-time high.
MOG Price Analysis: MA and RSI – Cheat codes?
(Mog USDT – Moving Average and Relative Strength Index)
As the moving average still has to catch up, we decided to combine the 2 in today’s analysis.
When we look at the D100 MA, we can see that every single touch of it since exploding upwards in February has given us a strong bounce. While the moving average is very far away on MOG right now, it always acts as a magnet for price.
Moving onto the RSI, we can actually gain some super valuable insight here. When you look at RSI see the arrow drawn where every time MOG moves into overbought, it sells off strongly.
This is a signal of I wouldn’t say weakness, because it’s overbought so of course there’s some strength, but rather not strong enough to make that parabolic move up in both oversold area but also price. We can also note that price increased in close, while RSI made a lower high.
This is called a bearish divergence and is a sign of weakness. Basically, when this happens, your confirmation that there is a bearish divergence is a red candle close and can be used as a signal for a change of trend.
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Trading these divergences is quite simple. I’ve attached the Babypips cheat sheet, and you can read more about them here.
Bearish divergence or not – We are in a bull market
I gave you a brief lesson on divergences there. Despite this divergence playing out, it does not mean Mog has topped at all.
We are in a bull market, and every decision we make should reflect this. A bearish divergence playing out might simply give you your entry for a position.
Looking super solid with this bounce of support. There's definitely a position to be taken if you're not in.
Again I want to highlight the sell off every time it reaches overbought on RSI. If it managed to push into oversold, that's where price will do some stupid paraboli… https://t.co/PPK8qtaOE5 pic.twitter.com/9UIZxGnLPC
— VikingXBT (@VikingXBT) July 26, 2024
And especially when we are talking about meme coins, which have been living their own lives during this cycle, we can almost always assume that the next dip is your chance of new highs.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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