The popular Solana-based meme coin Cat in a Dog World (MEW) is receiving a lot of attention from the crypto community due to its impressive performance with an increase of over 90% in recent days. During the rally, the meme coin’s sentiment has shifted from a downtrend to an uptrend.
Cat in a Dog World (MEW) Technical Analysis and Upcoming Levels
According to the expert technical analysis, MEW seems bullish as the significant rally has broken a strong resistance level at $0.0085. However, in recent days it has entered a consolidation zone, but with today’s 17% upside momentum, it has broken out of the consolidation zone.
Based on the recent price action and historical momentum, there is a high probability that the price could rise significantly and hit a new all-time high in the coming days. However, this bullish price action pattern on the daily chart will not be confirmed until the asset closes a daily candle above the $0.0098 level.
Bullish statistics in the chain
MEW’s positive outlook is further supported by on-chain metrics. According to on-chain analytics firm Coinglass, MEW’s Long/Short ratio currently stands at 1.05, indicating bullish sentiment among traders. Furthermore, open interest has risen 10% in the past 24 hours, reflecting growing trader participation amid the continued price surge.
Traders and investors often interpret rising open interest and a Long/Short ratio above 1 as signs of building long positions.
Combining these on-chain metrics with technical analysis, it appears that bulls are currently dominating the asset and could potentially support MEW in reaching a new all-time high in the coming days.
Current price momentum
At the time of writing, 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 increased by 363%, indicating greater participation from traders and investors, likely driven by the bullish price action.
