- MEW rallies after Upbit’s announcement.
- Bullish sentiment remains strong in the market.
As a seasoned crypto investor with battle scars from countless market fluctuations, I’ve learned to read the tea leaves and interpret the signals that the market sends. The recent rally of MEW after Upbit’s announcement is a testament to this fact. I remember the days when I was just starting out in this digital jungle, and memecoins were nothing but a distant dream. But here we are now, with MEW hitting an all-time high, joining the ranks of DOGE and SHIB on Upbit’s Korean Won trading pair.
In a realm dominated by dogs, a cat (MEW) caused a stir in the crypto market as it skyrocketed by more than ten percent. This extraordinary surge occurred after South Korea’s leading exchange, Upbit, announced the introduction of the MEW/KRW trading pair on 21st October.
On Upbit, the token based on the Solana network is now the third meme coin available for trading with the Korean Won. It joins Dogecoin [DOGE] and Shiba Inu [SHIB] in this category.
As a researcher, I found it intriguing to notice a similar trend unfolding with the asset I’m currently studying. Similar to Injective (INJ), which saw a 16% price surge on the 17th of October following an exchange listing announcement, as reported by AMBCrypto, the asset under my scrutiny also demonstrated a significant price increase immediately after its own exchange listing was announced.
It’s important to mention that MEW was first made available for trading on Upbit in September, with options for Bitcoin (BTC) and Tether (USDT) as trading pairs. This led to a temporary surge in value. However, it failed to surpass its previous all-time high (ATH) from March at that time.
MEW hits an ATH
Following the news, MEW pumped 18%. Furthermore, the memecoin hit a new ATH of $0.010.
Over the past few weeks since mid-September, this rally has exhibited a common characteristic of an upward movement – reaching new peaks (higher highs) and then dipping to lower valleys but always recovering (higher lows). This is often a sign of a sustained uptrend.
As I’m typing this, the price has moderately adjusted to $0.009. Additionally, the Relative Strength Index (RSI) stood at 70.21, suggesting a slightly overbought market condition, but not one that is extremely excessive.
In other words, although there’s potential for more growth, a decrease or adjustment might also occur.
Bulls tighten their grip on the market
As MEW surfed the surging trend, it became apparent that investors were more and more attentive to its escalating strength.
Upon a more detailed examination of data sourced from Coinglass, it was observed that trading activity significantly increased by approximately 302.40%. This significant jump suggests high levels of trading engagement. Additionally, Open Interest (OI) experienced an uptick of 16.14%, suggesting a robust sense of market optimism.
Realistic or not, here’s MEW’s market cap in BTC’s terms
The data from Coinalyze indicated a favorable funding rate and a combined long (buy) to short (sell) position of 1.19. This suggests that market participants who were buying held more influence, supporting the notion that buyers dominated the market.
In a combination of these indicators and price trends, we observed a dynamic market scenario that showed increased activity levels and optimism towards potential price increases.
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2024-10-22 10:15