Will the cat-themed memecoin MEW continue its rise?

The popular memecoin of the recent period, Cats in a dog's world (MEW), has increased by over 25 percent in the last week. Will MEW, which has gained great momentum, be able to continue its rise?

MEW, which is on the Solana blockchain, has approached its potential rally target after weekly gains. Crypto analysis platform AMBCrypto stated that MEW, which is holding on to the support level at $ 0.09, will continue its rise.

The following statements were included in the analysis;

“Although MEW has slowed down in recent days, it continued its upward trend with the structure it created in the 12-hour price chart.”

The analysis, which was carried out on Fibonacci, an indicator, drew attention to potential resistance points.

MEW analysis: Will the Memecoin wind blow?

Cats in a dog's world (MEW), which is in a strong uptrend, has recorded a significant increase in the last five days. MEW analysis stated that “The bulls managed to push the price above the Fibonacci resistance of $0.01.”

The analysis suggested that MEW would continue to rise if it maintains its trading volume and holds on to $0.01. In addition, the analysis emphasized that Bitcoin’s current outlook is an important requirement to be positive.

Although the MACD, an indicator, creates a potential downtrend, the outlook changed with the recent price increase. MEW, which experienced an increase in average trading volume, gave a bullish signal under the influence of buying pressure.

According to the chart, MEW price turned a potential resistance level into a support point. MEW may target the $0.012366 resistance if it does not lose the $0.010172 support. The analysis included the following statements;

“Over the past few days, a similar liquidity pool has formed around $0.0106 and $0.0108. A pullback to this region could lead to short-term volatility and retest $0.01. Therefore, traders should be careful.”

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