The cryptocurrency market is experiencing a moment of calm after an impressive rally that recently sent Bitcoin (BTC) to a new all-time high of $126,000 before correcting to around $122,000. Meanwhile, Ethereum (ETH) is trading flat near $4,450, reflecting mixed sentiment across the broader market.
Among the memecoins showing some volatility today is Mog Coin (MOG), which has declined by over 5%. Yet, beyond the short‑term dip, its recent price structure reveals a deeper story: the token is now retesting a key breakout level, which could determine whether the next move is another leg up or a short‑term correction.
Over the past several weeks, MOG has been consolidating inside a falling wedge — a well‑known bullish reversal pattern that often signals the end of a downtrend. The coin found solid footing near $0.00000061, where buyers began accumulating and pushing prices higher.
This accumulation led to a decisive breakout above the wedge’s resistance line near $0.0000008090, confirming a potential shift in market structure. Following this breakout, MOG surged to a local high of $0.0000009235, where short‑term traders took profits, leading to a minor pullback.
Now, as the chart shows, MOG is retesting the breakout zone around $0.00000073, aligning closely with the former resistance trendline — a level that typically transforms into support after a successful breakout.
What’s Next for MOG?
The current setup looks promising, but the key factor will be whether bulls can defend the breakout area. If buying pressure increases, MOG’s next challenge will be to reclaim the local high of $0.0000009235, followed by breaking above its 100‑day moving average (MA) around $0.000001113.
Successfully holding above this zone could open the path toward the next technical target at $0.000001696, implying a potential upside of nearly 130% from current levels.
However, a failure to sustain above the breakout level might send the price back into the wedge, invalidating the breakout and potentially delaying bullish momentum.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.