CryptoJack, a crypto analyst, shared an update on the price action of Mog Coin (MOG) against USDT showing signs of preparing for a significant breakout, potentially leading to a strong rally.
The 1-day chart reveals a critical structure where MOG has broken out of a prolonged downtrend, signaled by sharp downward sloping lines observed between mid-August and September. Following this, the price rebounded and trended upward, marking the beginning of its recovery phase.
Over the past few weeks, MOG experienced another short-term descending channel, indicating a period of consolidation following the initial rally in October.
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MOG Approaches Crucial Support Zone: Potential for Bullish Reversal
The current price action shows that MOG has reached a crucial support zone, highlighted by the horizontal red band. This area, around the $0.00000160 to $0.00000180 range, has provided stability and could act as a launching pad for a bullish reversal.
The chart indicates that MOG’s price is testing the descending resistance trendline. If MOG can break above this line and confirm a daily close above it, the momentum shift could propel the coin toward the next significant resistance level.
Analyst Highlights Breakout Potential
The analyst points to a blue upward arrow, illustrating the potential trajectory that the price could take if the breakout is successful, paving the way for an impressive rally.
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The analyst stated that this setup could attract bullish attention, as the consolidation period may soon lead to increased buying pressure. Traders are advised to watch for strong volume followed by any breakout above the trendline, as this would reinforce the likelihood of sustained upward movement.
