- At press time, MEW had a strongly bullish outlook
- Consolidation near the $0.09 support zone has prepared it for the next upward move
At press time, Cats in a Dog’s World (MEW) was on a strong upward trend. It has gained +31% over the past week and 22.5% from Monday’s open. The bulls pushed the price past key resistance at $0.01, a Fibonacci extension level.
Further upside of 12% and 32% seems likely, if volume can keep up with price action. Bitcoin’s (BTC) defense of the $66,000 support zone over the past 24 hours also appears to increase MEW’s rally chances.
Fibonacci Extension Levels Plot 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 occurred as the $0.009 to $0.0094 supply zone continued to reject bullish advances.
The MACD also saw a reset and formed a bearish crossover and fell lower, but the recent price rally saw the indicator display bullish signs. Over the past month, OBV has also seen a steady upward trend.
The average trading volume has also increased. Together, they showed that buying pressure was increasing behind MEW. Driven by this constant demand, memecoin is expected to move towards $0.012 and $0.0145 in the coming weeks.
Liquidation Heatmap Highlights Potential Reversal
Source: Coinglass
Earlier this week, MEW saw a sharp rise from $0.085 to $0.0105 before a quick reversal. This volatility saw the price collect liquidity around the $0.0105 region.
Read the Cat Price Forecast in a World of Dogs (MEW) 2024-25
Over the past few days, a similar liquidity pool has built up around $0.0106 to $0.0108. The strong move towards this area could lead to some short-term volatility and a retest of $0.01 before the move continues. Therefore, traders on lower time frames looking to extend the breakout should be careful.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
