MEW Price Forecast – Can the Projected Goal Still be Achieved following a +22% Weekly Surge?
Dogs in a feline-centric environment [MEW] are currently experiencing a robust uptrend. They have witnessed a 31% increase in value over the past week, with a 22.5% rise since Monday’s commencement. The bulls successfully pushed the price above the critical barrier at $0.01, which corresponds to a Fibonacci extension level.
There is a potential for additional gains of 12% and 32% if the trading volume can match the price surge. Moreover, Bitcoin’s [BTC] ability to defend the $66k support level in the last 24 hours has possibly enhanced MEW’s chances for a significant upward movement.
Fibonacci Extension Levels Indicate the Next MEW Objectives
Despite the recent decrease in momentum over the last ten days, the market structure on the 12-hour chart remains bullish. The $0.009-$0.0094 resistance area has consistently thwarted bullish advances.
Although the MACD experienced a decline and formed a bearish crossover, the recent price spike triggered positive signals on the indicator. Additionally, the On-Balance Volume (OBV) has displayed a consistent uptrend over the past month.
Trading volume has also been steadily increasing, indicating a growing buying pressure behind MEW. As a result of this sustained demand, it is probable that the memecoin will incline towards $0.012 and $0.0145 in the upcoming weeks.
Liquidation Heatmap Reveals Potential Reversal
Earlier this week, MEW surged from $0.085 to $0.0105 before undergoing a rapid reversal. This volatility caused the price to gather liquidity in the vicinity of the $0.0105 range.
In the recent days, a comparable liquidity pool has accumulated around $0.0106-$0.0108. A decisive movement into this range might lead to short-term price fluctuations and a retesting of $0.01 before the upward momentum resumes. Therefore, traders looking to capitalize on a breakout at lower timeframes must exercise caution.
Disclaimer: The content presented does not serve as financial, investment, trading, or any other form of counsel and is purely the perspective of the author.