Cat in a Dogs World (MEW) soars, but gains could be brief

June 17, 2024 at 3:44 pm

Edited by Jayson Derrick

Markets

Cat in a Dogs World (MEW) soars, but gains could be brief

Cat in a Dogs World (MEW) price continued its remarkable comeback after some good news from Binance. It soared for three straight days, reaching a high of $0.0050, its highest level since June 11th. It has jumped by over 42% from its lowest point on Friday.

Cat in a Dogs World, a popular Solana meme coin with a market cap of over $432 million soared on Monday as most cryptocurrencies dipped.This recovery happened as investors cheered an announcement by Binance, the bigges t crypto exchange in the world.

In a statement, Binance said that it would list its token in its perpetual futures marketplace. As a result, users will be able to trade its futures with up to 50x leverage. In most cases, cryptocurrencies rise after being listed by one or more tier-1 exchanges.

Cat in a Dogs World is a meme coin that was launched a few months ago to compete with popular dog-themed tokens like Shiba Inu, Floki, and Baby Doge Coin.

At its peak, MEW had a market cap of over $586 million, making it one of the biggest meme coins in the industry. Like other tokens, it has pulled back and erased most of its gains as sentiment worsened.

Still, data by DEXTools shows that it has over 183k holders, making it one of the most held meme coins in the industry.

Cat in a Dogs World price forecast

The four-hour chart shows that the MEW price bottomed at $0.0028 on May 20th as the meme token sell-off intensified. It has now rebounded and retested the crucial resistance point at $0.0050.

The token has also bounced back above the 25-period and 50-period Exponential Moving Averages (EMA). It has also soared above the Woodie pivot point and entered the Ichimoku cloud indicator.

Oscillators like the Relative Strength Index (RSI) and the MACD have also pointed upwards, with the RSI nearing the overbought level.

Therefore, the Cat in a Dogs World token price will likely continue rising as buyers target the first resistance at $0.005500. It will then resume the downward trend as the Binance listing hype fades.