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The total cryptocurrency market is turning bullish, and the world’s fifth-biggest digital possession Solana [SOL] has actually gotten enormous attention from financiers and organizations due to an excellent cost rise of over 18% in the last 7 days.
In the middle of this rally, Cat in a Dogs World [MEW]a Solana-based meme coin likewise experienced comparable attention from financiers leading to a huge rate rise of over 12% in the last 24 hours.
Possible factor behind MEW rate rise
The factors behind the MEW rate rise might be SOL’s outstanding efficiency, the anticipations of its area Exchange Traded Funds (ETFs) in the United States, and Korean financiers’ love for this feline coin.
On 21st July, 2024, a financier called Joshua shared insights mentioning that Upbit a significant cryptocurrency exchange has actually been experiencing an everyday trading volume of over $90 million in meme coins like Dogecoin [DOGE] and Shiba Inu [SHIB]
Bithumb has actually noted MEW meme coins and it is doing as much volume as all leading meme coins integrated and leading the overall volume in the area market.
Following this huge interest and trading volume, MEW open interest (OI) escalated by 60% in the last 24 hours, according to the information from an on-chain analytic company CoinGlass.
MEW futures open interest on exchanges likewise reached an all-time high of over $63.62 million in the last 24 hours.
Source: CoinGlass
MEW cost forecast and upcoming resistance level
According to professional technical analysis, MEW is looking bullish as it forms a bullish double-bottom cost action pattern on a weekly amount of time.
Regardless of this bullish pattern, MEW was presently there at the neck line. Historically, whenever the MEW cost reaches the $0.0062 level, it experiences a huge sell-off.
Source: TradingView
This time financiers’ interest is at a peak. If the MEW everyday or weekly candle light offers a strong closing above the $0.0065 level, we might see an enormous benefit momentum.
Whereas, if history repeats, there is a high opportunity that MEW might be up to the $0.0033 level.
Since this writing, MEW was trading near $0.0057 and has actually experienced a cost rise of over 12% in the last 24 hours. On the other hand, if we take a look at the efficiency of MEW over a longer duration, in the last 7 days it experienced a huge rate rise of over 75%.
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