- Mog Coin bulls defend the 200-day EMA support, triggering a strong rebound above $0.000001.
- High-performance blockchain token Hyperliquid maintains its steady recovery above $26.00, with a $30.00 target in sight.
- Bitget Token is on the verge of a descending trendline breakout as bulls reclaim key support at $5.00.
The broader cryptocurrency market is consolidating on Friday, extending a largely stable trend following a nearly two-week rally, led by Bitcoin (BTC) and supported by increased risk appetite amid easing trade tensions between the United States (US) and China. However, some altcoins among the top 200 cryptocurrencies, such as Mog Coin (MOG), Hyperliquid (HYPE), and Bitget Token (BGB), are extending their gains on Friday, seemingly unaffected by the slowdown in the market.
Mog Coin Bulls Defend Critical Support
Mog Coin’s price was rejected from $0.0000013, the highest level since early February, after more than tripling in value following a breakout above a long-standing descending trendline around $0.0000003.
However, before bears could fully exert their force to trim the gains, traders bought the dip, absorbing the selling pressure and initiating an immediate rebound above the 200-day Exponential Moving Average (EMA), which currently sits at $0.000001.
MOG is trading at $0.0000011 at the time of writing, up over 6% on the day. A daily close above the 200-day EMA would reinforce bullish control, encouraging traders to seek exposure by betting that gains could surpass the most recent peak of $0.0000013.
The Moving Average Convergence/Divergence (MACD) indicator supports the bullish outlook above the center line. At the same time, the MACD line (blue) gap above the signal line (red) sustains the buy signal that was triggered on May 8.
MOG/USDT Chart
Following the recovery from short-term support at $0.000001, the Relative Strength Index (RSI) at 67.44 shows signs of a reversal towards overbought territory above 70. Such a move would signify a strong uptrend but highlight potential risks due to overbought conditions, which are often precursors to pullbacks. Therefore, traders should remain vigilant and prepare for a potential retracement that would likely target the 100-day EMA at $0.0000008 and the 50-day EMA at $0.0000007.
Hyperliquid Is on the Verge of Breaking Key Resistance
Hyperliquid’s surge from the flash crash on April 7 remains intact, as it exchanges hands at $26.68 after having overcome several crucial supply zones, including the five-month descending trendline resistance, the former 50-day EMA hurdle around $16.00 (marked in red on the chart), and the seller congestion at $20.00.
The tailwinds on HYPE appear to be sustained, with the MACD indicator rising above the midline while sustaining a buy signal validated on April 9. A buy signal occurs when the MACD line (blue) crosses above the signal line (red).
HYPE/USDT Daily Chart
Despite the RSI indicator being overbought at 72.99, its rebound after retreating from a peak around 80 on May 10 signals a strong rally in play. While its upward movement supports the bullish trend, it also signals potential risks, as extremely overbought conditions will likely lead to a sudden trend reversal.
Therefore, it might be prudent for traders to observe HYPE’s price action around the short-term resistance to determine the strength of the bullish trend towards $30.00 and prepare for the possibility of a sudden pullback.
Technical Indicators Support Bitget Token’s Upside Potential
Bitget Token’s price is gathering bullish momentum on Friday, rising nearly 3% to trade around $5.00 at the time of writing.
BGB sits above key moving averages, including a confluence of support at approximately $4.58, established by the 50-day and 100-day EMAs.
Based on the bullish structure and from the perspective of the MACD and RSI indicators, the path of least resistance remains upwards. The MACD indicator shows a buy signal and green histograms, positioned above the midline shown on the daily chart.
On the other hand, the RSI indicator is approaching overbought territory after reversing the trend at 58.29, implying that buyers have the upper hand, and a breakout above the descending trendline appears imminent in the short term.
BGB/USDT Daily Chart
As traders seek exposure to BGB, they should also prepare for a potential trend reversal, especially if the token fails to break above the trendline resistance. Key levels to monitor on the downside include the confluence support at $4.58 and the 200-day EMA at $4.14.
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