MEW Cat in a Dogs World experiences a remarkable surge yet potential gains may prove shortlived
MEW, the price of Cat in a Dogs World, has experienced a remarkable comeback following positive news from Binance. Surging for three consecutive days, it reached a peak of $0.0050, its highest level since June 11th. This represents a surge of over 42% from its lowest point on Friday.
Cat in a Dogs World, a popular meme coin on the Solana network with a market capitalization of over $432 million, soared on Monday while most other cryptocurrencies dipped. This recovery was fueled by an announcement from Binance, the largest cryptocurrency exchange in the world.
Binance stated that it would list the MEW token on its perpetual futures marketplace, allowing users to trade its futures with leverage of up to 50x. Historically, when cryptocurrencies are listed on tier-1 exchanges, their prices tend to rise.
MEW was launched a few months ago as a meme coin to compete with other popular dog-themed tokens like Shiba Inu, Floki, and Baby Doge Coin. At its peak, MEW had a market capitalization of over $586 million, making it one of the largest meme coins in the industry. However, like many other tokens, it has experienced a pullback and has lost most of its gains as market sentiment worsened.
Despite this, data from DEXTools shows that MEW has over 183,000 holders, making it one of the most widely held meme coins in the industry.
Looking at the four-hour chart, we can see that the MEW price hit a low of $0.0028 on May 20th during the intensified sell-off of meme tokens. It has since rebounded and retested the important resistance level at $0.0050.
Additionally, the token has risen above the 25-period and 50-period Exponential Moving Averages (EMA) and has entered the Ichimoku cloud indicator. It has also surpassed the Woodie pivot point.
Oscillators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have also shown upward momentum, with the RSI approaching the overbought level.
Therefore, it is likely that the price of Cat in a Dogs World will continue to rise as buyers aim for the first resistance level at $0.005500. However, once the hype surrounding the Binance listing subsides, the token is expected to resume its downward trend.
