The price of Mog Coin (MOG) is observing the impact of the broader market’s bearish signals, as evident in its recent decline.

The steadily decreasing network growth of the meme coin will also affect investors and potentially increase their losses.

Mog Coin loses trust

The price of MOG has fallen by 15% in the last 24 hours while Bitcoin slipped to $58,300. The meme coin’s decline raised concerns about investor participation.

The waning interest is evident in the total transactions that have been conducted on the network recently. Since the beginning of the month, the volume of MOG transferred through addresses has dropped from $77 million to $8.95 million. This 89% drop in transaction volume brought it to a two-month low, and there is a possibility that it will drop even further.

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The chances of this happening are high as the meme coin is facing a bearish trend.

This concern is further compounded by the lack of confidence among MOG enthusiasts, as evidenced by the decline in network growth, which measures the total number of new addresses created on the network.

An increase in the metric is a positive sign, while a decrease means that the project is losing traction in the market. This could negatively impact the price trend and further fuel the ongoing price decline of the meme coin.

MOG Price Prediction: Watch the Next Support

MOG price is trading at $0.000001169 at the time of writing after losing the $0.000001545 support. This level has been a key support floor for the meme coin in the past, and a drop below it is worrying as the crypto asset is currently at the 23.6% Fibonacci retracement level.

If the decline continues, the price of MOG could eventually drop to the low of $0.0000009583.

This level is below the 23.6% Fib line at $0.000001149. This line is also known as the bear market support floor and a loss of this line could increase the selling pressure and lead to further losses.

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However, if the MOG price recovers and rises back above the $0.000001545 support level, the meme coin could change the direction of the ongoing trend to an uptrend. This would also invalidate the bearish thesis and push the crypto asset to $0.000001600 and higher.