During the previous month, the digital asset Mysterious Ethereum Wizard (MEW) has witnessed a substantial increase in its value as depicted on the price charts.
After touching a bottom at $0.0045, MEW has followed an upward trajectory, maintaining a robust uptrend. Presently, MEW is being traded at $0.009561, indicating a 3.81% rise in the last 24 hours.
Notably, this memecoin has recorded a surge of 49.70% in the monthly charts, with a further 10.14% increment in the weekly charts, extending the bullish trend. This surge has positioned MEW among the prominent memecoins based on Solana.
Over the recent day, MEW has outperformed another memecoin, dogwifhat (WIF), which experienced a decline of 0.5%. Additionally, MEW has surpassed the performance of POPCAT, BOME, and BONK, registering increments of 0.6%, 1.7%, and 3.1% respectively.
However, GOAT has exhibited stronger performance than MEW, surging by 6.8% in the last day. Despite this, MEW has outshined most major Solana-based memecoins in terms of performance.
Despite the recent surge, MEW still remains approximately 17.29% below its all-time high (ATH) of $0.01159 achieved a fortnight ago.
With this significant uptrend, the crucial question arises – is MEW poised to retest higher resistance levels, or is this just a temporary correction before another downturn?
Implications from MEW’s Charts
Analysis from CryptoCrypto indicates that the downward momentum of the memecoin, initiated by the drop from $0.011 to $0.007, is showing signs of weakening.
As a result, the uptrend appears to be gaining momentum gradually.
Evidently, MEW’s Average Directional Index (ADX) has dropped from 53 to 39, while its Positive Directional Indicator (+DI) has risen from 22 to 25. Furthermore, MEW’s Relative Strength Index (RSI) has climbed from 44 to 55 in the past three days.
All these indicators suggest a growing buying interest in the memecoin.
Moreover, the recent negative Spot netflow over the last couple of days implies that the tokens moving out of exchanges exceed the incoming tokens. This behavior signifies that investors are shifting their assets to cold wallets in anticipation of a price surge.
Lastly, the Long/Short ratio of MEW on hourly charts reveals a dominance of long positions, showcasing investors’ expectations of short-term profits.
Is MEW Geared up for a New ATH?
Considering the positive market sentiment and the strong upward momentum observed in the memecoin, along with the increasing buying pressure, it is likely that MEW could witness further appreciation in its value.
Hence, if the prevailing market conditions persist, MEW stands a chance to challenge the resistance at $0.11. A successful breakthrough at this level could propel the memecoin to achieve a new all-time high.