MEW surges 49% in a month: Is a new ATH on the horizon?

MEW surged by 10.14% over the past week.
Amidst a strong upward momentum and positive sentiment, MEW could reach a new ATH.

As a seasoned analyst with over two decades of experience in the cryptocurrency market, I have witnessed countless surges and dips, bull runs and bear markets. And let me tell you, MEW’s current trajectory is nothing short of impressive.

For the past month, the price of Cat in a Dogs World [MEW] has consistently climbed on its graphs.

After reaching a bottom of $0.0045, Metaverse Exchange (MEW) has consistently moved upward along an increasing trendline, showcasing a robust uptrend. Currently, MEW is being traded at $0.009561, representing a 3.81% growth over the last 24 hours.

Similarly, the memecoin has experienced a 49.70% increase over the past month and an additional 10.14% rise in its bullish trend on a weekly basis. This growth has propelled MEW into becoming one of the most prominent memecoins on the Solana platform.

Over the last 24 hours, MEW has surpassed Doge [WIF] as its value decreased by 0.5%. Furthermore, it outshone Popcat, Bome, and Bonk, which saw increases of 0.6%, 1.7%, and 3.1% respectively.

As a crypto investor, I’m thrilled to see that GOAT has surpassed my expectations, skyrocketing by an impressive 6.8% in just a day. This puts GOAT ahead of MEW, making it the top performer among most major Solana-based memecoins.

Even though it has seen a rise recently, the memecoin is still about 17.29% below its All-Time High (ATH) of $0.01159, which was reached just two weeks ago.

As MEW experiences a significant increase, the question becomes: Is MEW about to regain a more resilient resistance level, or is this simply a correction preceding another decline?

What do MEW’s charts suggest?

According to AMBCrypto’s examination, the declining trend of the memecoin, which started when it fell from $0.011 to $0.007, appears to be losing strength.

Consequently, the uptrend was starting to build a strong momentum.

Over the last three days, it’s apparent that MEW’s ADX dropped from 53 to 39, whereas its +DI grew from 22 to 25. Moreover, MEW’s Relative Strength Index (RSI) has climbed from 44 to 55 during this period.

This suggested that the memecoin was experiencing increased buying pressure.

Over the last two days, Spot netflow has been showing a decrease, indicating that outgoing transactions from the exchanges exceeded incoming ones.

This market activity indicated that investors were moving their tokens into offline storage (cold wallets) in expectation of an increase in value.

In summary, the balance between buying (long) and selling (short) positions for this meme-coin, as depicted by the hourly graphs, is heavily leaning towards buying. This trend indicates that investors believe the coin may experience growth in the immediate future.

Is MEW set for a new ATH?

It appears that the memecoin is currently enjoying positive public opinion and a significant surge in value. This increasing demand indicates a potential for even higher prices in the near future.

Realistic or not, here’s MEW’s market cap in BTC’s terms

Given the current circumstances, the memecoin appears ready to challenge the $0.11 resistance level, should the existing conditions persist.

A breakout from this level would see the memecoin reach a new ATH.

2024-11-09 05:11

What do MEW’s charts suggest?

Is MEW set for a new ATH?

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