CandleFocus Liquidity Outflow Casts Doubt on MEW’s $0.011 Comeback
2024-10-30
Author: Content Editor
The Solana-based meme coin, Cats in a Dog's World (MEW), reached an all-time high of $0.011 on October 25 but has since experienced a 14% decline to $0.0096. BeInCrypto's analysis suggests that traders are exiting the market to secure gains, leading to a potential further decrease in price. Technical indicators, such as the MACD, also indicate a bearish outlook. Additionally, the declining open interest in MEW further confirms traders' lack of confidence and decreased participation. The current resistance level is at $0.0099, and if selling pressure persists, the price may drop to major support at $0.0085 or even lower to $0.0065. However, if renewed demand emerges, the price could break through resistance and rally back to its all-time high.
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