18 Oct 2024 Anthony Lehrman
MOG And MEW Lead Uptober's Price Rally
The 2024 cryptocurrency market cycle has been dominated by memecoins, particularly those found on the Solana blockchain. MEW and MOG, the top-performing large-cap meme coins this week, have hit or are on the verge of hitting new all-time highs.
Since September 6, the price has increased quickly, according to the daily MOG data. On October 14, MOG reached its peak of $0.0000021, a 210% rise that was quite near to the all-time high.
Although MOG has since declined, on October 16 it closed above the $0.00000195 horizontal area after bouncing there.
Source: CoinMarketCap
With the exception of the departure that led to the all-time high (black circle), this crucial area has served as resistance since June. New highs are likely to result from a close above it.
According to the wave count, the MOG price is currently experiencing its fifth and last wave of growth. The length of wave five is equal to the sum of waves one and three, and it is expected to peak at $0.00000237.
A certain amount of weakness is evident in the technical indications. The Relative Strength Index (RSI), which has produced a bearish divergence (green), makes this more apparent. The MACD hasn't yet displayed any indications of slowing momentum, either.
This suggests that wave five is probably still ongoing. Therefore, a gain toward $0.0000024 prior to a correction is the most likely future forecast.
$0.0000026 will be the next objective if wave five continues.
MEW joins the party
According to the MEW price research, on October 14, the price reached its highest-ever daily close after breaking out from a declining resistance trend line. But this was a little less than the peak of $0.00929.
The price closed above the last horizontal resistance level of $0.00800, which it is currently trying to confirm as support, even though it did not hit a new all-time high.
The positive trend is confirmed by the daily RSI and MACD. Neither has produced any bearish divergence, and both are rising.
Therefore, as long as the MEW price does not close below the $0.00800 horizontal level, the trend will continue to be bullish.
The 1.61 external Fibonacci retracement resistance will form the next resistance around $0.01210 if the increase continues. The target price is 45 percent more than the existing one.
On the other hand, a slide to the resistance trend line at $0.00680 may be triggered by closing below $0.00800. Right now, that doesn't appear plausible.
The two largest cat meme coin gainers, MOG and MEW, have almost taken the lead among all meme coins.
Positive price activity indicates that fresh all-time highs are probably on the horizon.
