After the time of dogs and frogs, felines have now staked their claim in the meme cryptocurrency realm. Leading this trend is MEW, which skyrocketed to hit an unprecedented high of $0.0117 on the charts.
This remarkable milestone was propelled by Bitstamp’s decision to list the token with two trading pairs: MEW/USD and MEW/EUR. Subsequent to this announcement, the Solana-based token experienced a substantial surge in value.
It is noteworthy that the decentralized on-chain perpetual swap platform, Drift Protocol, recently extended its support for MEW Perpetual Futures.
Earlier, on 22nd October, MEW Perpetual Futures made their debut on Kwenta and Synthetix – a layer-2 chain on Base.
MEW Emerges as Top Market Performer
This fresh all-time high came just within days of MEW setting its previous record following its listing on Upbit. At present, the price has stabilized at $0.0112, reflecting a 7.91% upsurge over the past 24 hours, as per CoinMarketCap data.
Moreover, the token clinched the top spot among the market’s daily gainers, with a 35.71% surge in the 24-hour trading volume.
In the wake of this price rally, MEW’s market capitalization also observed a significant boost, climbing by 5.30% to hit $955.51 million, showcasing strong faith in the future potential of this Solana-based token.
Is the Bullish Momentum at Risk?
However, notwithstanding the current positive outlook, the threat of sell-offs should not be disregarded. CryptoCrypto delved into the daily chart to assess how the bullish momentum might withstand prevailing market conditions.
The RSI’s current value of 75.98 suggests that the asset is somewhat overbought, potentially signaling an impending correction. Furthermore, a decline in the OBV to 45.725 million hints at a slight reduction in buying pressure.
In the event of a retracement, the $0.009 level is likely to act as a support for MEW. Yet, if selling pressure intensifies, the price could retreat towards the 20 EMA, hovering around $0.008.
A drop below this level would marginally favor the sellers. Conversely, if the bulls maintain their position, the token might prolong its ascent and potentially achieve new record highs.
Analysis of Liquidation Heatmap
Before the bullish rally resumes, a brief pullback might be on the horizon.
CryptoCrypto identified a significant liquidity cluster around $0.011 on Coinglass’ liquidation heatmap. Another more robust concentration was detected at $0.0109.
These clusters indicate that the price could momentarily dip to these levels to tap into liquidity before the upward trend recommences, thereby attracting fresh buying interest from these zones.