MEW cryptocurrency, known for its unique perspective in a competitive market, has once again reached the levels it achieved during the bullish trend in the latter part of July. The market’s overall sentiment has been optimistic since September 19th, with clear indications of strong buying pressure favoring the bulls during the past week.
While there are speculations surrounding a possible rejection for Bitcoin around the $66,000 resistance mark, the current surge in meme coins by 86% in October suggests caution for traders. It might be more prudent to secure profits rather than initiating new long positions at levels where resistance is anticipated.
Anticipated Growth for MEW in a Bullish Meme Coin Market
The recent surge in the price of Bitcoin has coincided with a notable rise in meme coins and artificial intelligence (AI) sectors. MEW occupies a significant position among the top-performing sectors, adding to the growing confidence in the token’s bullish trajectory.
Nevertheless, a degree of vigilance is recommended. The price is yet to surpass the peaks recorded back in July. Once this milestone is achieved, traders and investors could start considering a retest at $0.0088 as an entry point.
Looking ahead, the subsequent targets for MEW would be at the Fibonacci extension levels of $0.1 and $0.123. Until a breakout materializes with substantial trading volume, market participants should brace themselves for a notable pullback.
Analysis of the 12-hour Relative Strength Index (RSI) signals a favor towards buyers, while the Chaikin Money Flow (CMF) registering a +0.12 suggests significant capital influx and a surge in demand.
Cautionary Signals in the Short Term
Examining the spot Cumulative Volume Delta (CVD) on the 1-hour chart reveals an uptick in selling pressure in recent hours, contrary to the positive findings from the CMF. This divergence hints at profit-taking maneuvers near the highs witnessed over the past three months.
Additionally, the escalating Open Interest and the upward trajectory in prices indicate a bullish stance among speculators. The short-term direction for MEW remains uncertain at present.
CryptoCrypto predicts a minor retreat towards $0.0767, which serves as a critical support level on lower timeframes, before a potential breakout—pending Bitcoin avoids significant downturns.
Disclaimer: The views expressed in this article are solely the author’s opinion and do not constitute financial, investment, trading, or any other form of advice.