- MEW hit an all-time high after its Bitstamp listing
- The threat of a downturn remains significant
After the era of dogs and frogs, cats have now taken their place in the memecoin world. The leader of this trend is cats in a world of dogs (MEW)which hit an all-time high (ATH) of $0.0117 on the charts.
This record was driven by Bitstamp registration of the token with two trading pairs: MEW/USD and MEW/EUR. Following the announcement, the Solana (SOL)-double digit rally based token.
Here it is worth noting that the decentralized on-chain perpetual exchange platform, Drift Protocol, also added support for MEW Perpetual Futures.
Previously, on October 22, MEW Perpetual Futures were spear on Kwenta and the Synthetix – A Layer 2 chain on base.
MEW leads the market winners
This new ATH followed just days after MEW set its previous recordingthanks to its referencing on Upbit. At press time, the price stood at $0.0112, up 7.91% in the last 24 hours, according to data from CoinMarketCap.
Additionally, the token has secured the top spot among the best in the market. daily winners. The 24-hour trading volume also increased by 35.71%.
Thanks to this price surge, MEW’s market capitalization also saw a notable increase. It rose 5.30% to $955.51 million, signaling strong confidence in the future potential of this Solana-based token.
Is the bull rally under threat?
Despite the current optimism, the risk of sell-offs should not be underestimated. AMBCrypto took a closer look at the daily chart to find out how the bullish momentum would behave under current market conditions.
The RSI’s publish-time value of 75.98 indicates that the asset was slightly overbought, which could lead to a correction. Additionally, a drop in OBV to 45.725 million hints at a slight decline in buying pressure.
Source: TradingView
In the event of a pullback, the $0.009 level could likely support MEW. However, if the selling pressure intensifies, the price could fall back towards the 20 EMA at around $0.008.
A drop below this level would tilt the balance slightly in favor of sellers. On the other hand, if the bulls remain stable, the token could continue to rise, potentially reaching new record highs.
Liquidation Heatmap Analysis
However, before the bull rally continues, a short-term decline could be on the cards.
AMBCrypto identified a significant liquidity cluster around $0.011 on the Coinglass liquidation heatmap. Another stronger magnetic zone was found at $0.0109.
Source: Coinglass
Realistic or not, here is the market capitalization of MEW in terms of BTC
These clusters suggest that the price could briefly fall to these levels to capture liquidity before the uptrend resumes, attracting new buying interest from these areas.
