- MEW rallies after Upbit’s announcement.
- Bullish sentiment remains strong in the market.
cat in a dogs world (MEW) shook the crypto market as it rallied by double-digits. This meteoric rise came after South Korea’s largest exchange Upbit announced the launch of the MEW/KRW trading pair on 21st October.
The Solana [SOL]-based token, has now become the third memecoin to be traded against the Korean Won on Upbit, joining Dogecoin [DOGE] and Shiba Inu [SHIB].
Interestingly, this rally followed a pattern observed just days ago with Injective (INJ). AMBCrypto reported that on the 17th of October, INJ experienced a 16% price jump immediately after the exchange announced its listing.
Worth noting that MEW was initially listed on Upbit in September with trading pairs against Bitcoin [BTC] and Tether [USDT], which sparked a brief rally. Yet, it was unable to break its March all-time high (ATH) at that time.
MEW hits an ATH
Following the news, MEW pumped 18%. Furthermore, the memecoin hit a new ATH of $0.010.
This rally followed a consistent pattern of higher highs and higher lows since mid-September, a classic indicator of an ongoing uptrend.
Source: TradingView
At the time of writing, the price had slightly corrected to $0.009. Furthermore, the Relative Strength Index (RSI) was recorded at 70.21. This signaled overbought conditions, though not excessively so.
Thus, while there could still be room for further upside, the possibility of a correction also remained.
Bulls tighten their grip on the market
As MEW continued to ride this bullish wave, it was clear that market participants were increasingly focused on its growing momentum.
A closer analysis of data from Coinglass revealed that trading volume surged by 302.40%, indicating substantial trading activity. Furthermore, Open Interest (OI) rose by 16.14%, reflecting strong optimism in the market.
Realistic or not, here’s MEW’s market cap in BTC’s terms
Data from Coinalyze also showed a positive funding rate and an aggregated long/short ratio of 1.19. This further corroborated the fact that buyers had the upper hand.
Source: Coinalyze
These metrics and the price action together highlighted a market environment characterized by high activity and confidence in upward price movements.
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