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- MEW crypto soared 40% in a week, displaying massive outperformance.
- Technical indicators and market trends suggest further bull rally ahead.
The cat-themed coin MEW crypto is buzzing in the crypto market. It displayed massive outperformance in the past few sessions. MEW price has crossed the two-month horizontal neckline of $0.008800 and replicated buying interest.
Over the last seven days, the MEW price surged over 40%, aiming to revisit its ATH mark of $0.01034. Based on the Solana blockchain, MEW crypto was swiftly climbing gains and witnessed a surge in market interest.
Fueled by heightened demand, MEW crypto outperformed the market over the past two weeks and surged more than 60%. At press time, MEW crypto traded at $0.008977, noting an intraday rise of over 8.90%. It ranked 84th among the top 100 crypto coins, boasting a market cap of $797.28 Million.
MEW Price Prediction: Is a Rally Toward ATH Next?
MEW price prediction on a daily time frame revealed a bullish bias. Also, the bulls have formed their upper hand and anticipate revisiting the ATH region soon.
Furthermore, the rising trading volume suggested a bullish conviction. Buyers seem interested in accumulating the memecoin and hoping for a rise. MEW crypto’s Sharpe Ratio of 5.22 indicated that holders have made significant gains in recent sessions.
This overbought metric value signaled that a retracement may be seen from the higher levels. This could happen before the altcoin reaches the ATH region.
However, the Relative Strength Index (RSI) line was noted around 70 near the overbought region. This conveyed heightened buying momentum.
Similarly, the Money Flow Index (MFI) reading 73 conveyed a significant market inflow. It represented a bullish outlook.
In a recent tweet, Bluntz said that MEW crypto was ready to break the trendline hurdle of $0.009100. It could see a massive upswing ahead.
The Moving Average Convergence Divergence (MACD) indicator also plotted green histogram readings. That showed a bullish crossover on the chart.
A daily close above the $0.009300 would trigger further bullish momentum. This could lead the MEW price to revisit the $0.0100 mark next. In the past few weeks, MEW crypto saw massive accumulation from the $0.006000-$0.006500 levels.
Additionally, a golden crossover between the 50-day and 100-day EMA was observed, which conveys a trend reversal.
Futures Market Data Highlight Bullish Optimism
Since the beginning of this month, the OI-weighted funding rate remained positive. That highlighted the sustained demand for long positions.
At press time, the funding rate was noted at 0.0050%. It indicated that speculators were eager to go long and capture some profits as MEW crypto made quick gains.
Moreover, the Open Interest (OI) soared over 13.20% to $169.10 Million. It noted a prolonged buildup activity over the past 24 hours.
Funding Rate | Source: Coinglass
The long/short ratio was noted around 1.0072. It represented that heightened long positions have added to the market over the last 24 hours.
The immediate support zones for MEW were $0.008900 and $0.008650. At the same time, the upside hurdles were $0.009300 and $0.009600.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
