MEW Token Price Surge: Cat in a Dog World Eyes New All-Time High

​​​​The Solana-based meme coin, Cat in a Dog World (MEW), has recently caught the attention of the crypto community with a dramatic surge of over 90%. This impressive rally has shifted the market sentiment from bearish to bullish, sparking hopes for a new all-time high.

Key Takeaways

1. MEW has surged over 90% recently, breaking key resistance at $0.0085.
2. On-chain metrics, including a Long/Short ratio of 1.05 and a 10% rise in open interest, support the bullish momentum.
3. MEW’s price could soar to new highs if it closes above the $0.0098 level, confirming a bullish pattern.

MEW Token Technical Analysis and Upcoming Levels

Source: TradingView

MEW's recent rally is backed by solid technical analysis. The token broke through a resistance level of $0.0085 but entered a brief consolidation phase. Today’s 17% price jump pushed MEW out of consolidation, hinting at further gains. If MEW closes above $0.0098, this will confirm its bullish momentum, potentially leading to new all-time highs.

Bullish On-Chain Metrics Support MEW's Growth

Source: Coinglass

On-chain analytics from Coinglass show that the Long/Short ratio stands at 1.05, a clear sign that traders are taking long positions on ME​​W. With a 10% rise in open interest, the token is experiencing heightened investor activity, further strengthening the case for its continued upward trajectory.

Current Price Momentum

At the time of writing, MEW is trading around $0.0093, reflecting a 4.9% increase in the last 24 hours. Its trading volume has jumped by 363%, signaling growing participation from traders.

FAQs

What is driving MEW's price surge?
MEW’s price surge is being driven by a combination of bullish technical patterns and positive on-chain metrics, indicating strong buying interest.

What resistance levels should traders watch for?
Traders should watch for a close above $0.0098 to confirm a bullish breakout and potential all-time high.

Is MEW a good investment now?
While MEW shows bullish momentum, traders should consider market volatility and confirm breakouts before making investment decisions.