Recently, analyzing the bearish signals impacting Mog Coin (MOG), the price has been on a downward trajectory, leading to concerns among investors.
Decline in MOG Price
Over the past 24 hours, Mog’s price has dropped by 15% in tandem with Bitcoin’s decline to $58,300. This sharp decrease has sparked worries about investor confidence in the meme coin.
Additionally, a noticeable decline in online transactions involving MOG has been observed. The volume of transactions has plummeted from $77 million to $8.95 million since the month began, indicating a significant decrease in trading activity.
Dwindling Trust in Mogcoin
The diminishing growth rate of MOG’s network is a cause for concern among enthusiasts, reflecting a lack of trust in the project. A declining network growth rate signifies waning market interest, which could further exacerbate the ongoing price decline of the meme coin.
For instance, the number of new addresses created on the network has shown a notable decrease recently, indicating a loss of market appeal for MOG.
Forecast for MOG Price
Currently trading at $0.000001169 after breaking support at $0.000001545, MOG’s price is at a critical juncture. If the downtrend persists, the price may drop to $0.0000009583, potentially breaching the bear market support line and inviting further selling pressure.
However, a reversal above the $0.000001545 support level could signal a shift in the coin’s trend to the upside, potentially invalidating the bearish scenario and pushing the price above $0.000001600.
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