- The MEW price hit an ATH mark after listing the MEW/KRB trading pair yesterday on Upbit.
- Technical indicators projected a bullish trend continuation pattern, suggesting further surge.
Solana-based meme token “Cat in a Dogs World” (MEW) witnessed a surprising surge of over 10% yesterday. This surge happened following its listing on Upbit, a pioneering South Korean cryptocurrency exchange.
This decision has created a rage in the market to make the Solana-based token the third memecoin to do this, following DOGE and SHIB. The MEW price exhibited significant bullish momentum after listing its KRW pair on an exchange. It registered a breakout, reaching an ATH of $0.01043.
Upbit previously listed MEW with several pairs, including Bitcoin (BTC) and USDT, in September. However, the FOMO among traders led the memecoin to slip over 8% in the intraday session. It traded around $0.008816 at press time.
Alongside the MEW price surge, the trading volume witnessed a massive increase yesterday. The token’s volume has exceeded $200 Million, currently at $190 Million. This indicated strong support from market participants during the ATH breakout rally.
Is the MEW price surge sustainable? Here’s what analysts have to say
Crypto Analyst CryptoGeneral said in his tweet that Solana memecoin ‘MEW’ has registered a fresh ATH breakout. It looks bullish here and may stretch further. He mentioned that the “Cat in a Dogs World” memecoin could reach $0.0450 in the short term.
Likewise, AltCryptoGems highlighted his bullish opinion. He said the MEW price had escaped a range and crossed the 61.8% Fibonacci level. It looked bullish and could extend to the next Fib level, around $0.01120.
The MEW price has reached uncharted territory and witnessed massive accumulation. The bear cartel looked trapped, and a significant short-covering move may continue ahead.
MEW Price Prediction: Analyzing the Key Levels
MEW price prediction on a daily time frame conveyed the bullish outlook. It traded above the key EMAs and reached the upper Bollinger band.
However, reaching the upper edge of the Bollinger band indicated that the memecoin might be pending for a short-term retracement. Hence, the MEW crypto price could retest the 20-day EMA region at around $0.0075 in the short term.
The Relative Strength Index (RSI) line reached the overbought zone. It projected a positive crossover, confirming the bullish momentum on the charts.
The On-Balance Volume (OBV) also increased significantly to 368 Billion. It conveyed buyer accumulation over the last 24 hours.
The OI-weighted funding rate remained positive, around 0.0065% at press time. It hinted that the market participants continued to add long positions.
However, the Open Interest (OI) has dropped over 14.30% to $137.83 Million. It represented long, unwinding data over the past 24 hours.
In addition, the intraday price decline and OI decrease hinted that the traders feel uncomfortable stretching the MEW price further. They are looking for a profit booking move, resulting in a nominal price drop.
Disclaimer
Investing in crypto assets involves a high degree of risk. Crypto owners can lose their entire investment due to inherent risks. Past performance is not indicative of future results. Make sure to conduct your own research before investing in cryptocurrencies.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.