Reporter
Share this post
After the period of pet dogs and frogs, felines have actually now declared their area in the memecoin world. Leading this pattern is felines in a pets world [MEW]which attacked to an all-time high [ATH] of $0.0117 on the charts.
This record high was driven by Bitstamp’s listing of the token with 2 trading sets: MEW/USD and MEW/EUR. Following the statement, the Solana [SOL]-based token rallied by double-digits.
Here, it’s worth keeping in mind that the decentralized on-chain continuous swap platform, Drift Protocol, likewise included assistance for MEW Perpetual Futures.
Formerly, on 22 October, MEW Perpetual Futures were released on Kwenta and the Synthetix– A layer-2 chain on Base.
MEW tops market gainers
This brand-new ATH followed simply days after MEW set its previous record, thanks to its listing on Upbit. At press time, the rate had actually settled at $0.0112, marking a 7.91% walking over the last 24 hours, according to information from CoinMarketCap.
In addition, the token protected the very first area amongst the marketplace’s day-to-day gainers. The 24-hour trading volume likewise climbed up by 35.71%.
On the back of this cost rise, MEW’s market capitalization saw a significant increase too. It treked by 5.30% to reach $955.51 million, signifying robust self-confidence in this Solana-based token’s future capacity.
Is the bullish rally under hazard?
Regardless of the present optimism, nevertheless, the threat of sell-offs should not be ignored. AMBCrypto took a better take a look at the everyday chart to learn how the bullish momentum would fare under existing market conditions.
The RSI’s press time worth of 75.98 showed the possession was somewhat overbought, which might cause a correction. Furthermore, a dip in the OBV to 45.725 million mentioned a moderate fall in purchasing pressure.
Source: TradingView
In case of a pullback, the $0.009 level can likely supply assistance to MEW. If selling pressure heightens, the cost might backtrack towards the 20 EMA at around $0.008.
A fall listed below this level would a little tip the scales in the sellers’ favor. On the other hand, if the bulls hold consistent, the token might continue increasing, possibly striking brand-new record highs.
Liquidation heatmap analysis
Before the bull rally continues, a short-term drop might be on the cards.
AMBCrypto recognized a substantial liquidity cluster around $0.011 on Coinglass’ liquidation heatmap. Another more powerful magnetic zone was discovered at $0.0109.
Source: Coinglass
Sensible or not, here’s MEW’s market cap in BTC’s terms
These clusters recommended the cost might quickly dip to these levels to record liquidity before the uptrend resumes, attracting fresh purchasing interest from these zones.
Share ยป …
Learn more
2018, BidPixels