Cats in a Dogs World (MEW) Soars Amidst Market Downturn

Cryptocurrency market has witnessed a recent downturn, but Solana-based memecoins have defied this trend, including Cats in a Dogs World (MEW). MEW's price has skyrocketed over 30%, accumulating a $765 million market cap, amidst interest from notable figures. A whale investor has also made significant purchases of MEW and WIF, highlighting the ongoing appeal of Solana's memecoin ecosystem.

Cats in a Dogs World (MEW): A Resounding Success Amidst Market Downturn

The cryptocurrency market has witnessed a significant downturn, with established giants like Bitcoin (BTC) and Ethereum (ETH) enduring multi-week lows. Amidst this bearish sentiment, a peculiar exception has emerged from the realm of Solana-based memecoins: Cats in a Dogs World (MEW).

MEW's Unwavering Surge

MEW's parabolic trajectory began on March 30th, reaching an all-time high of nearly $0.01. Despite a brief dip to $0.046 on April 1st, a remarkable 100% recovery has ensued, propelling it to its current trading price of $0.0092 on April 3rd.

Factors Catalyzing the Rise

MEW's meteoric ascent has garnered substantial attention in the crypto sphere. Its surge follows a rally that captivated renowned figures such as BitMEX co-founder Arthur Hayes and crypto analyst Lark Davis. Davis highlighted the extraordinary success of a trader who transformed a $35,000 investment into a staggering $44 million through MEW.

The Whale's Accumulation

In a parallel development, a whale investor known for accumulating Wifdog (WIF) has also been amassing vast quantities of MEW, as meticulously documented by blockchain-monitoring service Lookonchain. This whale purchased 181 million MEW and 776,830 WIF, investing millions of SOL in the process. The resulting unrealized profits underscore the ongoing enthusiasm surrounding Solana's memecoin ecosystem.

MEW's Technical Analysis

An in-depth technical analysis reveals promising signs for MEW's future. Its initial uptrend commenced on March 27th at $0.00080, culminating in a high of almost $0.01 on March 30th. A subsequent correction to the Fibonacci level of 0.618 found support at $0.0046, potentially signaling the completion of its corrective phase.

The subsequent price action on April 1st suggests the formation of a larger wave three within a five-wave count. If this pattern holds true, MEW could potentially reach a new all-time high of $0.019 at the Fibonacci extension level of 1.618.

Confirmation of this bullish scenario hinges on the price surpassing its previous peak of $0.0098. Failure to break through this resistance for a third time could trigger a descending move, potentially retracing MEW to its April 1st levels.

Overbought Conditions?

The hourly chart RSI indicates overbought conditions with a reading of 70%. However, given MEW's limited price history, this indicator should be interpreted with caution. With MEW currently trading only around 11% below its March 30th high, further price action will provide clearer insights into its future trajectory.

Financial Disclaimer

It is crucial to emphasize that the contents of this article are not intended as financial advice or investment recommendations. The information presented here represents the author's opinion and should not be construed as trading or investing advice. Sound financial decisions should always be predicated on thorough research and consideration of all relevant factors. The cryptocurrency market is highly volatile and subject to arbitrary price fluctuations. Potential investors, traders, and crypto enthusiasts are strongly encouraged to seek multiple perspectives and adhere to all applicable regulations before making any investment decisions.

About the Author

Nikola Lazic is a seasoned cryptocurrency analyst and investor with over five years of experience in the industry. Holding a Bachelor's degree in Sociology, he brings a unique perspective to the analysis of market sentiment and crowd positioning. His analytical toolkit centers around Elliott Wave Theory in tandem with price action analysis.

Drawing upon his extensive trading and investing experience, Lazic endeavors to provide highly accurate and actionable information to his readers. His areas of expertise encompass cryptocurrencies, technical analysis, Elliott Wave Theory, on-chain metrics, and the development of research reports.