On October 14, Cat in a Dog’s World (MEW) saw a significant price surge, breaking a descending resistance trend line. Though it fell just shy of its all-time high of $0.00929, this bullish momentum has excited MEW holders, sparking interest in what could come next for this meme coin.
Breaking Through Key Resistance
MEW recently closed above the critical resistance level of $0.00800, which now serves as a new support zone. Technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show bullish momentum, signaling increased buying pressure.
Both indicators are rising steadily, with no signs of bearish divergence, reinforcing the positive outlook. As long as MEW stays above $0.00800, its bullish trend is expected to continue.
Next Target: $0.01210?
If the upward momentum holds, the next significant resistance point is $0.01210. This target is aligned with the 1.61 external Fibonacci retracement level, representing a potential 45% gain from its current price. Current charts suggest that this milestone is within reach.
However, a drop below the $0.00800 support could trigger a downturn, potentially pushing the price back to the $0.00680 trend line. Despite this, market dynamics and optimistic traders believe such a retracement is unlikely at this point.
Is MEW Set for New All-Time Highs?
MEW has quickly become one of the top-performing cat meme coins, showing resilience and potential. Its vibrant community and positive sentiment are driving its growth, positioning it as a leader in the meme coin market.
Strong technical indicators, combined with growing community support, create favorable conditions for future price gains. The recent breakout suggests that new all-time highs are not just a possibility but could be on the horizon soon.