- At press time, MEW had a strongly bullish outlook
- Consolidation near the $0.09 support zone set it up for the next upward move
Cats in a dog’s world [MEW], at press time, was on a strong uptrend. It has gained by +31% over the past week and 22.5% from Monday’s open. The bulls drove the price past the key resistance at $0.01, a Fibonacci extension level.
Another 12% and 32% move higher appeared likely, if the volume can keep up with the price move. Bitcoin’s [BTC] defense of the $66k support zone over the last 24 hours seemed to boost MEW’s chances of a rally too.
Fibonacci extension levels plot the next MEW targets
Source: MEW/USDT on TradingView
The market structure on the 12-hour chart remained bullish, despite the slowdown in momentum over the past ten days. This happened as the $0.009-$0.0094 supply zone kept rejecting bullish advances.
The MACD also saw a reset and formed a bearish crossover and fell lower, but the recent price pump saw the indicator flash bullish signs. Over the past month, the OBV has steadily trended higher too.
The average trading volume has also been on the rise. Together, they showed that buying pressure was on the rise behind MEW. Borne by this steady demand, the memecoin is likely to move towarsd $0.012 and $0.0145 in the coming weeks.
Liquidation heatmap highlighted potential reversal
Source: Coinglass
Earlier this week, MEW saw a strong pump from $0.085 to $0.0105 before a swift reversal. This volatility saw the price collect the liquidity around the $0.0105 region.
Read cats in a dog’s world [MEW] Price Prediction 2024-25
Over the past couple of days, a similar liquidity pool built up around $0.0106-$0.0108. The strong move into this zone could see some short-term volatility and a retest of $0.01 before the move continues. Therefore, lower timeframe traders looking to long the breakout should be careful.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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