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In recent weeks, the price of Mog Coin (MOG), which has attracted all attention, seems to have been influenced by the broader market movement as clearly seen in the recent decline. The continuous decline in network growth specific to Mog Coin may also affect investors and reduce losses.
Mog Coin Price Drops
With Bitcoin‘s price level dropping to $58,300, MOG’s price also saw a 15% decline in the last 24 hours. The decline in the meme coin also brought concerns about investor participation.
The decline in interest specific to MOG is also reflected in the general transactions across the network recently. Since the beginning of the month, the existing MOG volume through addresses has dropped from $77 million to $8.95 million. This 89% drop in transaction volume pulled it to the bottom of a two-month period, and there is no definite information that the decline has ended.
Considering the meme coin’s downward trend, the decline process may continue. The concern, as noted in the decline in Network Growth, is further exacerbated by the lack of confidence among MOG enthusiasts. The mentioned indicator reveals the total number of new addresses formed on the network.
While the rises seen in the metric are evaluated positively, the same decline may reflect that the project is losing its strength in the market. This situation can negatively affect the price movement, furthering the ongoing decline in the meme coin’s price.
What Will Be MOG’s Price?
After losing the $0.000001545 support, MOG’s price took a vertical drop and found buyers at the $0.000001186 level. This level was previously seen as an important support level for MOG. On the other hand, the situation is considered more worrying due to MOG’s price being near the 23.6% Fibonacci retracement level.
If the decline continues, MOG’s price may drop to the $0.0000009583 level. This level is located below the 23.6% Fib line in the $0.000001149 region. This level also represents the support ground between the past bear market and MOG, and if this level cannot be maintained, increased selling pressure in the market may be observed, leading to further losses.
On the other hand, if the trend reverses and MOG can close again above the $0.000001545 support level, the price may reflect a rise back to $0.000001600 and above on the charts.
