- MEW has gained 10.14% over the past week.
- Amid strong uptrend and positive sentiment, MEW could reach a new ATH.
Last month, cats in the dog world [MEW] has experienced a sustained rise in the price chart.
Since the low of $0.0045, MEW has been trading on the uptrend line, maintaining a strong uptrend. In fact, at the time of writing, MEW was trading at $0.009561. It has increased by 3.81% in the past 24 hours.
Similarly, Memecoin gained 49.70% on Monthly chart, while the bullish trend widened by 10.14% on Weekly chart. This surge has positioned MEW as one of the most important meme coins based on Solana.
So MEW has outperformed Dogwifat in the past day. [WIF] After WIF fell by 0.5%. POPCAT, BOME, and BONK also outperformed, increasing by 0.6%, 1.7%, and 3.1%, respectively.
However, GOAT outperformed MEW, gaining 6.8% over the past day. This allows the meme coin to outperform almost all major Solana-based meme coins.
Despite the recent rally, Memecoin remained approximately 17.29% off its ATH of $0.01159 recorded two weeks ago.
The question that arises with a strong rally is whether MEW is trying to reclaim a higher resistance level or is it just a correction before another downtrend?
What does the MEW chart suggest?
According to analysis by AMBCrypto, the memecoin’s decline that started after falling from $0.011 to $0.007 has slowed.
As a result, the uptrend began to build strong momentum.
Source: Tradingview
This is evidenced by the fact that MEW's ADX decreased from 53 to 39, while the coin's +DI increased from 22 to 25. Additionally, MEW's Relative Strength Index (RSI) increased from 44 to 55 over the past three days.
This suggests that buying pressure on Memecoin is increasing.
Source: Santiment
Looking further, spot net flows turned negative in the past two days. This means that outflows from the exchange exceeded inflows.
Such market actions pointed out that investors were moving their tokens to cold wallets in hopes of rising prices.
Source: Coinglass
Finally, Memecoin’s long/short ratio on the hourly chart shows that longs are in the ascendancy. This suggests that investors are expecting short-term gains.
Is MEW set to new ATH?
As observed above, meme coins are experiencing positive market sentiment and strong upward momentum. Due to increased buying pressure, Memecoin could move higher on the price chart.
Realistic or not, the market cap of MEW in BTC terms is as follows
Therefore, if the current situation holds, Memecoin is positioned to test resistance at $0.11.
A breakout from this level will bring Memecoin to a new ATH.
