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The MEW token looks to leverage a recent 121% GOD candle to surpass the $0.010 psychological mark for a new all-time high in August.
During the meme coin frenzy last week, the Cat in a Dogs World (MEW) token outperformed the rest of the market with a 121% surge. Second only to the MOG coin in the cat-themed meme coin segment, the MEW has a market cap of $650 million with a trading volume of $298 million.
As the broader market takes a halt before the highly anticipated Ethereum ETF starts to trade today, will MEW surge for a 2x rally?
Range Breakout for MEW Signals Extended Rally
Trending in a sideways movement, the recent bull cycle within the range tests the overhead range at $0.0077. A streak of 5 green candles ignited a bull cycle, but the overhead supply warned of a bearish reversal.
Currently, the MEW token changes hands at $0.0075 with an intraday drop of 2.09%, which could break the streak of bullish candles. Furthermore, the bear candle, coupled with the higher price rejection on Monday, warns of an evening star pattern starting a new bear cycle.
On the contrary, the lower price rejection and the broader market recovery anticipation tease a breakout rally. Furthermore, the recovery rally influences a bullish alignment in the 20D, 50D, and 100D EMA with positive crossovers.
The daily RSI line crossing the 70% line signals the MEW token as overbought with a massive demand surge. This could trigger a bearish push if demand sees a sharp decline.
Will MEW Witness a 2x Rally?
The bull cycle in the MEW token struggles to absorb the increased supply pressure at the $0.0077 level. However, the increasing optimism around the meme coin and the broader market recovery is likely to propel MEW for a breakout run.
Based on the Fibonacci levels, the breakout rally in MEW price could hit the 1.618 Fib level at $0.0166, a 112% increase from the current market price. Optimistically, a bullish trend continuation could aim for $0.05771 by the end of 2024.
Conversely, a bearish reversal could retest the $0.0060 level.
Massive Surge in MEW Open Interest Teases a Breakout Run
With the ongoing bull run, the MEW Open Interest has experienced a massive surge over the past week. Currently, the OI stands at $129 million, a 645% increase from $17.29 million on July 18.
The rising open interest in the meme coin signals an optimistic approach from investors, anticipating a bull run ahead.