Albert Brown
The MEW token looks to leverage a recent 121% GOD candle to surpass the $0.010 psychological mark for a new all-time high in August.
During the meme coin frenzy last week, the Cat in a Dogs World (MEW) token outperformed the rest of the market with a 121% surge. Second only to the MOG coin in the cat-themed meme coin segment, the MEW has a market cap of $650 million with a trading volume of $298 million.
As the broader market takes a halt before the highly anticipated Ethereum ETF starts to trade today, will MEW surge for a 2x rally?
Range Breakout for MEW Signals Extended Rally
Trending in a sideways movement, the recent bull cycle within the range tests the overhead range at $0.0077. A streak of 5 green candles ignited a bull cycle, but the overhead supply warned of a bearish reversal.
Currently, the MEW token changes hands at $0.0075 with an intraday drop of 2.09%, which could break the streak of bullish candles. Furthermore, the bear candle, coupled with the higher price rejection on Monday, warns of an evening star pattern starting a new bear cycle.
On the contrary, the lower price rejection and the broader market recovery anticipation tease a breakout rally. Furthermore, the recovery rally influences a bullish alignment in the 20D, 50D, and 100D EMA with positive crossovers.
The daily RSI line crossing the 70% line signals the MEW token as overbought with a massive demand surge. This could trigger a bearish push if demand sees a sharp decline.
Will MEW Witness a 2x Rally?
The bull cycle in the MEW token struggles to absorb the increased supply pressure at the $0.0077 level. However, the increasing optimism around the meme coin and the broader market recovery is likely to propel MEW for a breakout run.
Based on the Fibonacci levels, the breakout rally in MEW price could hit the 1.618 Fib level at $0.0166, a 112% increase from the current market price. Optimistically, a bullish trend continuation could aim for $0.05771 by the end of 2024.
Conversely, a bearish reversal could retest the $0.0060 level.
Massive Surge in MEW Open Interest Teases a Breakout Run
With the ongoing bull run, the MEW Open Interest has experienced a massive surge over the past week. Currently, the OI stands at $129 million, a 645% increase from $17.29 million on July 18.
The rising open interest in the meme coin signals an optimistic approach from investors, anticipating a bull run ahead.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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