MEW Set to Hit All-Time High, Key Data Reveals

The favored Solana-based meme coin Cat in a Canine World (MEW) is receiving quite a lot of consideration from the crypto neighborhood as a consequence of its spectacular efficiency with a rise of over 90% in latest days. In the course of the rally, the meme coin’s sentiment has shifted from a downtrend to an uptrend.

Cat in a Canine World (MEW) Technical Evaluation and Upcoming Ranges

Based on the professional technical evaluation, MEW appears bullish as the numerous rally has damaged a robust resistance degree at $0.0085. Nevertheless, in latest days it has entered a consolidation zone, however with as we speak’s 17% upside momentum, it has damaged out of the consolidation zone.

Primarily based on the latest value motion and historic momentum, there’s a excessive likelihood that the worth may rise considerably and hit a brand new all-time excessive within the coming days. Nevertheless, this bullish value motion sample on the each day chart won’t be confirmed till the asset closes a each day candle above the $0.0098 degree.

Bullish statistics within the chain

MEW’s constructive outlook is additional supported by on-chain metrics. Based on on-chain analytics agency Coinglass, MEW’s Lengthy/Quick ratio at present stands at 1.05, indicating bullish sentiment amongst merchants. Furthermore, open curiosity has risen 10% prior to now 24 hours, reflecting rising dealer participation amid the continued value surge.

Merchants and buyers typically interpret rising open curiosity and a Lengthy/Quick ratio above 1 as indicators of constructing lengthy positions.

Combining these on-chain metrics with technical evaluation, it seems that bulls are at present dominating the asset and will probably help MEW in reaching a brand new all-time excessive within the coming days.

Present value momentum

On the time of writing, MEW is buying and selling round $0.0093 and has skilled a value enhance of over 4.9% within the final 24 hours. Throughout the identical interval, buying and selling quantity elevated by 363%, indicating better participation from merchants and buyers, possible pushed by the bullish value motion.