Mog Coin （MOG） experiences a significant selloff following a $20 million outflow, raising questions about its future price movements.
Points
- Mog Coin price drops 17% in a week, trading at $0.00000161.
- Recent outflow in open interest contracts by 30%.
- Potential long unwinding suggested by drop in OI data.
- Short-term and long-term trends remain bullish.
- Key support and resistance levels identified for potential rebound.
The Mog Coin （MOG） price is on a four-day losing streak, snapping off nearly 17% a week. The bulls attempted to find support near the $0.00000185 level, but broader market weakness added more pressure, and the price suffered. MOG exchanged hands close to $0.00000161, losing over 7% in a day.
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 open interest contracts has snapped off the recent profits. 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.
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.
Despite the recent selling pressure, the overall trend remains bullish. The Mog coin price hovered above the key 50-day exponential moving average at press time, suggesting bullishness. However, stability and a possible turnaround in the price are needed to get into long positions.
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. 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.
解説
- Open Interest （OI）: The total number of outstanding derivative contracts, such as options or futures, that have not been settled. A drop in OI suggests that traders are closing out their positions.
- Long Unwinding: The process of closing long positions in a security, typically leading to a decrease in its price.
- Volume-to-Market Cap Ratio: A metric used to determine the liquidity and volatility of a cryptocurrency, with higher ratios indicating more trading activity relative to market cap.