The cryptocurrency market is staging a recovery from thus week’s volatility that saw Ethereum (ETH) dip to $3,839 before bouncing back above $4,100. Both Bitcoin (BTC) and Ethereum (ETH) are up over 2% today, fueling optimism across the altcoin sector — with major memecoins like Mog Coin (MOG) also benefiting from fresh upside momentum.
MOG is back in the green with an 11% jump today, and more importantly, the price action is hinting at the formation of a bullish reversal setup that could determine the token’s next major move.
Falling Wedge Pattern in Play?
On the daily chart, MOG appears to be forming a falling wedge — a technical pattern that often signals the exhaustion of a downtrend and the potential start of an upside breakout.
The recent decline dragged the token to the wedge’s lower boundary near $0.00000061, which has acted as a strong support zone in recent trading sessions. At the time of writing, MOG is trading around $0.0000007037, showing that bulls are actively defending this critical level.
What’s Next for MOG?
If MOG continues to respect the wedge support and gains momentum, the next step would be a move toward the upper resistance trendline of the wedge. A confirmed breakout above this barrier could open the door for further upside, with the 100‑day moving average (MA) near $0.0000011 serving as the first major target.
However, if MOG fails to push higher and faces rejection near the upper wedge boundary, the price could revisit the $0.00000061 support zone before making another attempt to break upward.
For now, the chart suggests that MOG is at a decisive turning point — either on the verge of a bullish breakout or setting up for one last test of lower levels.