MEW Coin Bulls Face Two Key Resistance Levels After Noting 34% Gains Since September 18

cats in a dogs world [MEW] noted gains of 34% since the 18th of September. The lower timeframe momentum was turning bullish for the memecoin

MEW Coin Surges 34%, But Can Bulls Breach Key Resistance Zone?

MEW coin price has increased by 34% since September 18, indicating that memecoin is experiencing a remarkable price recovery. Lower timeframe momentum turned bullish for MEW, but it was facing two significant resistance levels at press time.

These two levels defined the boundaries of the resistance zone between $0.006 – $0.00633, which MEW bulls have been struggling to break since August.

Retest of the resistance zone is near

Source: MEW/USDT on TradingView

Over the last six weeks, the $0.004 – $0.00434 zone has acted as a stable support zone. From here, MEW bulls were able to make two recoveries.

One was rejected at the $0.006 resistance level and the other was ongoing.

On September 19, trading volume increased greatly and reached much higher levels than during the recovery on August 23. This indicated that bullish strength was much higher during the current attempt.

As a result, more success is expected, but this is not guaranteed. A session close above $0.00633 was needed to reverse the bullish trend.

RSI was at 78 to indicate intense upside momentum and OBV moved higher following high buying pressure. On the whole, the chances of a continued upward run were good.

The rapid decline in spot CVD was a surprise for MEW

Source: Coinalyze

Open Interest showed strong bullish sentiment, rising from $34 million to $73.9 million in the last 48 hours.

The Positive Funding Rate showed that speculators were eager to take long positions and make some profits as MEW gained rapidly.

Realistic or not, here is the market cap of MEW in BTC terms

Spot CVD made huge gains on September 19, but these gains were erased a few hours later.

This was a sign of profit-taking activity in the spot market and did not bode well for holders as there were sellers who believed that MEW would not be able to break the $0.006 resistance zone.

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