Connect with us
Active Currencies 17816
Market Cap $3,921,657,470,740.30
Bitcoin Share 59.58%
24h Market Cap Change $-4.49
Analysis

MEW price prediction – Is THIS target still in sight after +22% weekly gains?

2min Read

Market structure on the 12-hour chart remained bullish, despite the slowdown over the past ten days.
Posted:
Avatar
Journalist
MEW Faces Resistance at $0.0108, Bulls Seek Next Leg Higher
Avatar
Journalist
Posted:
Share this article

  • At press time, MEW had a strongly bullish outlook
  • Consolidation near the $0.09 support zone set it up for the next upward move

Cats in a dog’s world [MEW], at press time, was on a strong uptrend. It has gained by +31% over the past week and 22.5% from Monday’s open. The bulls drove the price past the key resistance at $0.01, a Fibonacci extension level.

Another 12% and 32% move higher appeared likely, if the volume can keep up with the price move. Bitcoin’s [BTC] defense of the $66k support zone over the last 24 hours seemed to boost MEW’s chances of a rally too.

Fibonacci extension levels plot the next MEW targets

MEW 12-hour Chart

Source: MEW/USDT on TradingView

The market structure on the 12-hour chart remained bullish, despite the slowdown in momentum over the past ten days. This happened as the $0.009-$0.0094 supply zone kept rejecting bullish advances.

The MACD also saw a reset and formed a bearish crossover and fell lower, but the recent price pump saw the indicator flash bullish signs. Over the past month, the OBV has steadily trended higher too.

The average trading volume has also been on the rise. Together, they showed that buying pressure was on the rise behind MEW. Borne by this steady demand, the memecoin is likely to move towarsd $0.012 and $0.0145 in the coming weeks.

Liquidation heatmap highlighted potential reversal

MEW Liquidation Heatmap

Source: Coinglass

Earlier this week, MEW saw a strong pump from $0.085 to $0.0105 before a swift reversal. This volatility saw the price collect the liquidity around the $0.0105 region.

Read cats in a dog’s world [MEW] Price Prediction 2024-25

Over the past couple of days, a similar liquidity pool built up around $0.0106-$0.0108. The strong move into this zone could see some short-term volatility and a retest of $0.01 before the move continues. Therefore, lower timeframe traders looking to long the breakout should be careful.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

 

Previous:
Next:
Share
Avatar
Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories. His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity. Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution. As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.
Thank you for subscribing to Unhashed.