- At press time, MEW had a strongly bullish outlook
- Consolidation near the $0.09 support zone set it up for the next upward move
As a seasoned analyst with over two decades of market experience under my belt, I find myself quite optimistic about MEW’s current trajectory. The memecoin has been thriving amidst a sea of digital assets, demonstrating a robust 31% surge over the past week and 22.5% from Monday’s opening price.
In the world of dogs, the value of Cats is currently surging. As of now, it’s on an upward trajectory, having increased by 31% over the past week and an additional 22.5% since the market opened on Monday. The bullish sentiment has propelled the price beyond a significant resistance level at $0.01, which is also a Fibonacci extension point.
It seems that there’s an increased possibility for Bitcoin (BTC) to rise by another 12% and 32%, as long as trading volume remains strong enough to match the price increase. The recent successful defense of the $66k support level over the past 24 hours appears to have bolstered MyEtherWallet’s (MEW) chances for an uptrend as well.
Fibonacci extension levels plot the next MEW targets
Over the last ten days, I’ve noticed a slight deceleration in my crypto market’s momentum, but surprisingly, the overall structure on the 12-hour chart remains bullish. It seems that any attempts to push forward are being met with resistance at the $0.009-$0.0094 price range. In other words, this zone has been acting as a barrier to further bullish advancements.
The MACD also saw a reset and formed a bearish crossover and fell lower, but the recent price pump saw the indicator flash bullish signs. Over the past month, the OBV has steadily trended higher too.
The typical trading activity has been increasing as well. This increase indicates a growing interest or demand for buying MEW, suggesting a rise in buying pressure. With this consistent demand driving it, the memecoin could potentially reach prices around $0.012 and $0.0145 within the upcoming weeks.
Liquidation heatmap highlighted potential reversal
Recently, MEW experienced a significant increase in value from $0.085 to $0.0105, followed by a quick downturn. This price fluctuation led to the accumulation of liquidity near the $0.0105 level.
Read cats in a dog’s world [MEW] Price Prediction 2024-25
For the last few days, an accumulation of similar prices has formed around 0.0106 to 0.0108. A powerful push into this area might bring short-term price fluctuations and a potential return to 0.01 before the trend resumes. Consequently, traders focusing on shorter timeframes planning to buy during the breakout should exercise caution.
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2024-10-25 10:15