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Cryptocurrency News Articles
Cats in a Dog’s World (MEW) Soars to New All-Time High, But Signs of Buyer Exhaustion Emerge
Oct 25, 2024 at 04:30 am
Solana-based meme coin Cats in a Dog’s World (MEW) soared to a new all-time high of $0.011 today, driven by a 12% price increase over the past 24 hours.
Solana-based meme coin Cats in a Dog’s World (MEW) continued its impressive rally on Thursday, reaching a new all-time high of $0.01066 before experiencing a slight pullback. At the time of writing, MEW is trading at $0.0102, down 3% from its peak.
Despite the setback, the meme coin has surged by 12% over the past 24 hours and over 200% since last week. This remarkable rally was sparked by a recent listing on Tier 1 centralized exchange Gate.io, which has brought increased attention and trading volume to MEW.
However, as the rally progresses, signs of buyer exhaustion are emerging, and a price correction may be on the horizon. BeInCrypto’s analysis of the MEW/USD 12-hour chart highlights several key price targets that MEW holders should monitor as the potential pullback looms.
A key indicator of a potential price correction is MEW’s overbought condition, which is highlighted by its Relative Strength Index (RSI) reading of 72.73. This indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for a correction.
On the other hand, values below 30 indicate that the asset is oversold and may soon witness a rebound.
MEW’s RSI reading of 72.73 signals that it is overbought. It hints at potential buyer exhaustion and suggests the likelihood of a price pullback in the short term as traders start to sell to lock in profits.
Furthermore, this rise in profit-taking activity among market participants is confirmed by MEW’s Chaikin Money Flow (CMF), which is currently resting below its zero line at -0.02.
The CMF measures money flow into and out of an asset. When its value is below 1, it suggests that selling pressure is dominant, indicating that more money is flowing out of the asset than into it. It is a sign that investors are offloading positions, reducing the likelihood of a continued upward trend.
MEW Price Prediction: Key Price Targets to Watch
MEW is currently trading at $0.0102, just below its all-time high resistance of $0.011. With buying pressure fading, the meme coin could experience a pullback toward support at $0.009, marking a 13% drop from its current price.
Should demand fail to materialize at this level, MEW’s price could fall further to $0.0081.
However, this bearish outlook could be invalidated if profit-taking subsides and new demand emerges. In that case, MEW’s price could reclaim its all-time high of $0.011 and potentially push beyond it.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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