MEW Hits Record Highs Following Bitstamp Listing Amid Potential Pullback Risks
After the era of dog-themed and frog-inspired memecoins, a new contender has emerged – cats. Leading this fresh wave is “Cats in a Dog’s World” , which recently climbed to an all-time high (ATH) of $0.0117. This record-breaking price surge was fueled by the token’s listing on Bitstamp, which introduced two new trading pairs: MEW/USD and MEW/EUR. Following this announcement, the Solana (SOL)-based token saw a double-digit rally.
Beyond Bitstamp’s listing, the decentralized perpetual swap platform Drift Protocol has also added support for MEW Perpetual Futures. Notably, on October 22, MEW Perpetual Futures launched on Kwenta and Synthetix – a layer-2 chain on Base. These developments have been pivotal in building the token’s upward momentum and broadening trading avenues.
MEW Tops Market Gainers
This new ATH arrived just days after MEW achieved its previous peak, thanks to an earlier listing on Upbit. At press time, MEW’s price stabilized at $0.0112, reflecting a 7.91% increase over the last 24 hours . MEW also secured the top position among the market’s daily gainers, with its 24-hour trading volume surging by 35.71%.
This price increase has also bolstered market capitalization, which rose by 5.30% to $955.51 million – a clear signal of rising confidence in the future of this Solana-based token.
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Is the Bullish Rally at Risk?
While the current sentiment remains optimistic, there are signals of potential sell-offs. A look at the Relative Strength Index (RSI) reveals a value of 75.98, suggesting that it is approaching overbought territory, which may lead to a near-term correction. Furthermore, the On-Balance Volume (OBV) recently dipped to 45.725 million, hinting at a slight drop in buying pressure.
If a pullback does occur, $0.009 may serve as a key support level . However, should selling pressure intensify, a further retracement toward the 20 EMA at around $0.008 is possible. A fall below this point would likely give sellers a stronger position. Conversely, if the bullish trend holds, MEW could continue its upward journey, potentially reaching new record highs.
Liquidation Heatmap Analysis
Before the rally can resume, a short-term dip may be on the horizon. A look at Coinglass’ liquidation heatmap shows a significant liquidity cluster around $0.011, with an even stronger magnetic zone at $0.0109. This suggests that a pullback to these levels could create renewed buying interest, giving bulls the momentum needed for further gains.
Overall, recent achievements have brought it into the spotlight, setting it apart in the ever-evolving memecoin landscape. The potential for volatility remains, but with strong support levels and growing interest, MEW’s bullish journey may be far from over.
The Road Ahead: Bullish or Bearish?
As rides the wave of success, its future depends on several factors, including market sentiment, upcoming listings, and potential integrations with other platforms. The presence of liquidity clusters around $0.011 and $0.0109 indicates that a short-term dip is likely before another potential rally. However, a deeper pullback might prompt renewed buying interest, setting the stage for a bounce-back and potential new highs.
It’s ability to navigate these upcoming price fluctuations will hinge on community engagement, broader market conditions, and any forthcoming technical developments on the Solana network. As with many new tokens, volatility is to be expected, but MEW’s steady climb thus far signals a promising trajectory that both investors and crypto enthusiasts are eager to follow
