MEW is set to hit an all-time high, with key data revealed
The popular Solana-based meme coin Cat in a Dog World (MEW) has been getting a lot of attention from the crypto community for its impressive performance in recent days, surging over 90%. Amidst the rally, meme coin sentiment went from low to high.
Cat in Dog World (MEW) technical analysis and upcoming levels
According to expert technical analysis, MEW looks bullish as it broke a significant rally at the strong resistance level of $0.0085. However, in the last few days, it has entered the consolidation zone, but with today's 17% infant rate, it is out of the consolidation zone.
With the recent price action and historical momentum, there is a strong possibility that it will rally higher and reach new highs in the coming days. However, this price action on the daily chart will not be confirmed until the asset closes a daily candle above the $0.0098 level.
Bullish On-Chain Indicators
MEW's positive outlook is further supported by chain metrics. According to on-chain analytics firm Coinglass, the MEW Long/Short ratio currently stands at 1.05, indicating bearish sentiment among traders. Additionally, open demand increased by 10% in the last 24 hours, indicating growing trader participation amid the ongoing price rally.
Often, traders and investors interpret increasing open interest and a long/short ratio greater than 1 as signs of building a long position.
Combining these on-chain metrics with technical analysis, it looks like bulls are currently dominating the asset and could support MEW to reach new highs in the coming days.
Current price momentum
At press time, MEW is trading around $0.0093 and has experienced a price increase of over 4.9% in the last 24 hours. During the same period, trading volume grew by 363 percent, reflecting higher participation from traders and investors, likely driven by strong price action.
