Highlights:
- MEW is consolidating between $0.0080 and $0.0073 after a parabolic price run
- The odds are higher that MEW could break to the upside
- Exchange listings and excitement around meme coins could trigger a breakout
Cat In a Dogs World (MEW) has captured the attention of the cryptocurrency market with its remarkable performance over the past week. In the last seven days, it has surged by an impressive 93%. Cat In a Dogs World maintains its upward momentum, reflecting a growing interest among investors.
In the last 24 hours alone, MEW remains in the green, with trading volumes up by 9.66%, amounting to $219.967 million. This surge in volume is a strong indicator of robust investor confidence in MEW, especially when the market seems poised for the 2024/25 crypto bull run.
Whale Activity and Investor Confidence
A significant development within the MEW ecosystem occurred on July 25, when a whale purchased 25,118,405.45 MEW tokens, valued at $170,622.25, for $0.006793 per token. This whale activity signifies a substantial vote of confidence in MEW, suggesting that big investors see potential in this meme coin for the current bull cycle. Such a sizable purchase not only boosts the price but also has the potential to inspire retail investors to jump on the bandwagon, further driving up the price.
Increased Exchange Listings
Adding to MEW’s bullish outlook is its increasing availability on top-tier cryptocurrency exchanges. Over the past week, several top exchanges have listed MEW, including P2B, WhiteBit, and ProBit. These new listings enhance investor confidence and improve MEW’s liquidity, making it more accessible to a broader range of investors. The increased availability of reputable exchanges is a testament to MEW’s growing acceptance and credibility within the crypto community.
Hi! @MewsWorld ($MEW) has joined our exchange!$MEW is a meme token operating on the Solana network, offering a cat's perspective on the world of meme coins.
About the project: https://t.co/DHZtqHlw2h
Project’s website: https://t.co/o4YsvChfh4$MEW/$USDT: https://t.co/K9XJcC4gn7 pic.twitter.com/i8WE0pJBad— WhiteBIT (@WhiteBit) July 23, 2024
Technical Analysis – MEW Consolidating After a Parabolic Price Rally
A closer look at the price charts reveals that Cat in a Dogs World experienced a parabolic price rally between July 14 and July 23. However, the price has since entered a consolidation phase. Over the last three days, it has been trading within a tight range, oscillating between a resistance level of $0.0080 and a support level of $0.0073. This consolidation phase is critical as it could set the stage for the next significant price movement.
If the bulls break through the $0.0080 resistance level, it could experience a significant price rally, potentially reaching levels above $0.10 in the short term. Conversely, if the bears take control and push the price below the $0.0073 support level, the coin could retrace to $0.0048, a critical multi-week support level. Given the broader market’s bullish signals, the likelihood of MEW breaking out to the upside appears high.
Broader Market Supports a Potential Price Rally for MEW
The broader cryptocurrency market is sending bullish signals, which could support MEW’s upward trajectory. As investors look for high-potential assets, meme coins like MEW are gaining traction due to their volatility and the potential for rapid gains. The recent surge in MEW’s price and trading volume reflects a broader trend of increased interest in meme coins, driven by speculative investments and the pursuit of high returns.
Historically, meme coins have performed exceptionally well during bull markets, and MEW’s recent performance positions it as a strong contender for significant gains in the upcoming cycle. Meanwhile, whale activity, increased exchange listings, and positive market sentiment create a favorable environment for the coin to continue its upward momentum.