- MEW surged by 10.14% over the past week.
- Amidst a strong upward momentum and positive sentiment, MEW could reach a new ATH.
Over the past month, Cat in a Dogs World [MEW] has experienced a sustained rise in its price charts.
Since hitting a low of $0.0045, MEW has traded in an ascending trendline, maintaining a strong uptrend. In fact, at press time, MEW was trading at $0.009561. This marked a 3.81% increase over the past 24 hours.
Equally, the memecoin has surged by 49.70% on monthly charts, with an extension to the bullish trend by 10.14% on weekly charts. This upsurge has positioned MEW as one of the most significant Solana-based memecoins.
As such, over the past day, MEW has outperformed dogwifhat [WIF] after WIF dropped by 0.5%. Also, it has outperformed, POPCAT, BOME, and BONK which increased by 0.6%, 1.7%, and 3.1% respectively.
However, GOAT has outperformed MEW, hiking by 6.8% over the past day. This leaves the memecoin outperforming almost all major Solana-based memecoins.
Despite the recent upsurge, the memecoin remained at approximately 17.29% away from its ATH of $0.01159 recorded two weeks ago.
With a strong upsurge, the question that arises is whether MEW is on the verge of reclaiming a higher resistance level or it’s a mere correction before another downtrend.
What do MEW’s charts suggest?
AMBCrypto’s analysis shows that the memecoin’s downward momentum, which began after dropping from $0.011 to $0.007, was weakening.
Consequently, the uptrend was starting to build a strong momentum.
Source: Tradingview
This was evidenced by the fact that MEW’s ADX declined from 53 to 39, while the coin’s +DI increased from 22 to 25. Additionally, MEW’s Relative Strength Index (RSI) has risen from 44 to 55 over the past three days.
This suggested that the memecoin was experiencing increased buying pressure.
Source: Santiment
Looking further, Spot netflow turned negative over the past two days. This meant that outflows off the exchanges outweighed inflow.
Such market behavior pointed out that investors were transferring their tokens into cold wallets anticipating price appreciation.
Source: Coinglass
Finally, the memecoin’s Long /Short ratio on hourly charts shows longs are dominating. This suggests that investors anticipate gains in the short run.
Is MEW set for a new ATH?
As observed above, the memecoin is experiencing positive market sentiment and a strong upward momentum. With rising buying pressure, the memecoin could see more gains on its price charts.
Realistic or not, here’s MEW’s market cap in BTC’s terms
Thus, if the prevailing conditions are maintained, the memecoin is positioned to attempt $0.11 resistance.
A breakout from this level would see the memecoin reach a new ATH.
