In the last month, Cat in a Dogs World [MEW] has been on a steady upward trajectory in its pricing.
Starting from a low of $0.0045, MEW has followed an upward trendline, maintaining a robust upward momentum. Presently, MEW is being traded at $0.009561, marking a 3.81% increase in the last 24 hours.
Furthermore, the memecoin has witnessed a significant surge of 49.70% in the monthly timeframe, complemented by a 10.14% uptick in the weekly charts. This surge has positioned MEW as one of the prominent memecoins on the Solana network.
Comparatively, in the last day, MEW has outperformed dogwifhat [WIF], which saw a decrease of 0.5%. Additionally, MEW has fared better than POPCAT, BOME, and BONK, with respective increases of 0.6%, 1.7%, and 3.1%. However, GOAT managed to outshine MEW with a 6.8% increase in the past day, while MEW continues to outperform most major Solana-based memecoins.
Despite the recent surge, MEW is still approximately 17.29% below its all-time high of $0.01159 achieved two weeks ago.
Considering the significant uptrend, the pertinent question arises: Is MEW approaching a new resistance level, or is it a temporary correction before a potential downtrend?
Analysis of MEW’s Chart Trends
An evaluation by CryptoCrypto indicates that the downtrend of MEW, which initiated from $0.011 and descended to $0.007, is losing momentum.
Consequently, an upward trend is emerging and gaining strength.
The evidence lies in the decreased ADX of MEW from 53 to 39 and a rise in +DI from 22 to 25. Additionally, MEW’s Relative Strength Index (RSI) has surged from 44 to 55 over the past three days, indicating escalating buying pressure.
Moreover, the Spot netflow has turned negative in the last two days, indicating more tokens are leaving exchanges than entering them.
This trend signifies that investors are transferring their assets to cold wallets in anticipation of future price increases.
Lastly, the Long/Short ratio of MEW on hourly charts shows a dominance of long positions, indicating investors’ anticipation of short-term gains.
Will MEW Reach a New All-Time High?
Given the positive market sentiment and the strong upward momentum observed in MEW, along with increasing buying pressure, the memecoin stands a chance to further appreciate in value.
Hence, if the current market conditions persist, MEW could potentially aim for the $0.11 resistance level.
A successful breakthrough at this point could pave the way for MEW to reach a new all-time high.