Cat in a Dog World (MEW) Meme Coin Gains Traction With Over 90% Surge, Technical Analysis Suggests Further Uptrend

The popular Solana-based meme coin Cat in a Dog World (MEW) is gaining significant attention from the crypto community due to its impressive performance

The Solana-based meme coin Cat in a Dog World (MEW) continues to captivate the crypto domain with a remarkable rally of over 90% in recent days. This impressive performance has not gone unnoticed, attracting the attention of traders and investors alike.

As MEW's price soared, the coin's sentiment, which had previously been downtrending, has now shifted dramatically to an uptrend. This stark reversal in sentiment adds further credence to the bullish narrative surrounding MEW.

Delving into the technical aspects, MEW's impressive rally saw the coin effortlessly breach a pivotal resistance level of $0.0085. Following this breakout, MEW entered a consolidation zone. However, today's price action saw the coin surge by 17%, ultimately leading to a breakout from this consolidation zone.

An analysis of MEW's price action and historical momentum reveals a strong possibility for the coin to soar substantially, potentially reaching a new all-time high in the upcoming days. Yet, this bullish price action pattern on the daily chart will only be definitively confirmed once the asset concludes a daily candle above the $0.0098 level.

Further bolstering MEW's positive outlook are favorable on-chain metrics. Data from the on-chain analytics firm Coinglass shows that MEW's Long/Short ratio currently stands at 1.05, indicating a bullish sentiment among traders. Moreover, MEW's open interest surged by 10% in the past 24 hours.

Typically, traders and investors view rising open interest and a Long/Short ratio above 1 as indicators of traders building long positions.

Combining these on-chain metrics with technical analysis, it appears that bulls are currently asserting their dominance over the asset, which may propel MEW to reach a new all-time high in the coming days.

At press time, MEW is trading at around $0.0093, having experienced a price surge of over 4.9% in the past 24 hours. During the same period, its trading volume also spiked by 363%, indicating heightened participation from traders and investors, likely driven by the bullish price action.

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