MEW rallied as high as 31% currently after securing a itemizing on standard crypto and stock trading platform Robinhood.
In step with crypto.recordsdata, cat in a canines world (MEW) surged to a four-month high of $0.0047 on Would possibly well likely 23 Asian time, bringing its market capitalization to over $400 million on the time of writing.
MEW’s trading exercise accelerated sharply by the week, with volume hiking from $40 million on Wednesday to $70 million on Thursday, earlier than surging over 370% to $315 million by Friday.
There are four capacity catalysts riding MEW’s rally.
First, the most spirited catalyst is MEW’s novel Robinhood itemizing, which went dwell yesterday. It’s now tradable for U.S. customers on the platform, adding to its visibility and credibility. MEW used to be listed alongside fellow Solana-primarily primarily primarily based memecoin Moo Deng (MOODENG), which additionally saw positive aspects of 25% throughout the final 24 hours.
Listings on predominant platforms corresponding to Robinhood incessantly act as a tag of credibility and attract a wave of hottest investors.
Second, MEW participated within the Las Vegas Licensing Expo, the enviornment’s most spirited licensing alternate occasion. Held every 12 months on the Mandalay Bay Convention Center, the expo brings collectively global IP leaders and tag developers.
The expo marks a bet for MEW to hottest itself to an entirely novel cohort of capacity partners and patrons, a circulate that would even non-public stirred novel optimism among merchants.
Third, MEW lately teased a brand novel partnership with Cuberium, a blockchain-powered GameFi platform identified for its tower defense games and meme-token integrations. While plump miniature print haven’t been dropped but, the teaser on my own appears to non-public added to the hype.
Lastly, the derivatives market is showing indicators of exact bullish ardour. In step with CoinGlass, originate ardour in MEW futures surged 121% throughout the final 24 hours, reaching a five-month high of $72 million. On Binance, the prolonged/short ratio remains neatly above 1, indicating that most of merchants are positioning for added upside.
The broader market is additionally supportive, with Bitcoin lately hitting a brand novel all-time high, which has lifted sentiment across the complete sector.
Signs of continuation
From a technical perspective, MEW appears neatly-positioned for a capacity continuation of the continuing rally.
On the 1-day/USDT tag chart, MEW appears to be forming a spherical backside sample, a setup that incessantly signals longer-time length positive aspects. The MACD traces are pointing upwards, and the Supertrend indicator upright flipped inexperienced; both are belief of bullish indicators.
So, MEW might well maybe seemingly retain hiking over the subsequent few days.
While the pattern remains exact, RSI ranges nearing 84 might well maybe also value at an overheated market primed for a temporary pullback.
On the opposite hand, a high RSI doesn’t always signal an instant reversal. For the length of exact uptrends, resources can preserve overbought for extended sessions while continuing to climb.
Must procuring for strain ease, a circulate lend a hand toward the $0.0030 level wouldn’t be unexpected.
Disclosure: This text does not describe funding advice. The express and gives featured on this page are for academic purposes handiest.
