Solana-Based Meme Coin Cats in a Dog's World (MEW) Loses Bullish Support, Price Prediction

Solana-based meme coin cats in a dog's world (MEW) surged to an all-time high of $0.011 on October 25. However, a wave of profit-taking has since triggered a price drop

Solana-based meme coin cats in a dog’s world (MEW) enjoyed a wild ride to an all-time high of $0.011 on October 25. But a wave of profit-taking has since seen MEW’s price drop by 14%, with the token now trading at $0.0096.

BeInCrypto’s analysis of MEW’s technical and on-chain setup reveals an outflow of liquidity as traders exit to secure gains, heightening the risk of further price declines for the meme coin.

MEW Loses Bullish Support as Sellers Emerge

An examination of MEW’s moving average convergence/divergence (MACD), which gauges an asset’s price trends and momentum to identify potential buy or sell signals, provides insight into this bearish development.

A glance at the MEW/USD one-day chart shows that the MACD line (blue) has recently slipped below the signal line (orange). This crossover indicates growing selling pressure, which may drive the price lower as traders begin exiting positions or taking profits.

Moreover, MEW’s traders’ decreasing open interest confirms this narrative. At the time of writing, traders’ open interest stands at $134 million, reflecting a drop of 39% since MEW’s price began to decline from its all-time high.

Open interest — which denotes the total number of active contracts or positions in the market — measures trading activity and investor confidence. When both an asset’s price and open interest fall, it usually indicates waning interest and participation as traders close their positions and take profits.

Hence, MEW’s traders’ open interest decline suggests that many traders are stepping back due to reduced confidence in the token’s near-term recovery or momentum.

MEW Price Prediction: Falling Demand Puts Meme Coin at Risk

At press time, MEW is trading at $0.0096, hovering below key resistance at $0.0099. With selling pressure intensifying, the meme coin may drop further, targeting major support at $0.0085. Should buyers fail to hold this level, MEW’s price could slide even lower toward $0.0065.

However, demand returning to the market could invalidate this bearish outlook. If momentum shifts and buying pressure increases, MEW’s price may break through the $0.0099 resistance, setting the stage for a rally back to its all-time high of $0.011.