In a world dominated by dogs, the meme coin MEW has experienced a remarkable 34% increase in value since September 18th. Despite showing signs of bullish momentum on shorter timeframes, MEW encountered significant resistance levels at the current time.
The ongoing battle for MEW revolves around two key resistance points within the $0.006-$0.00633 range, a region that has proven to be a tough nut to crack for MEW coin bulls dating back to August.
Upsurge in Testing Resistance Zone
Over the past six weeks, the $0.004-$0.00434 area has served as a solid support level for MEW. It has acted as a launchpad for two major rallies orchestrated by MEW bulls.
While one rally faltered at the $0.006 hurdle, another rally is currently unfolding. Notably, trading volume saw a significant spike on September 19th, surpassing levels observed during the August 23rd rally, indicating stronger bullish sentiment this time around.
Anticipations are higher for a breakthrough, although success is not guaranteed. A definitive close above $0.00633 is imperative to shift the bias towards a bullish outlook.
With RSI indicating an intense upward trend at 78 and OBV witnessing a surge due to increased buying pressure, the prospects of a sustained upward movement seem promising.
Unexpected Plunge in Spot CVD for MEW Coin
With Open Interest swelling from $34 million to $73.9 million in the last 48 hours, it underscores a firm bullish stance prevailing among investors.
The favorable Funding Rate implies that traders are keen on taking long positions and capitalizing on MEW’s rapid gains.
However, MEW saw a significant decline in spot CVD on September 19th, swiftly erasing earlier gains. This downturn indicated profit-taking activities within the spot market and cast doubts on the potential of MEW to conquer the $0.006 resistance threshold according to sellers’ sentiments.
Disclaimer: The information shared reflects the writer’s personal opinion and does not constitute professional financial advice or any form of trading recommendations.