Solana-based meme coin cats in a dogs world (MEW) reached a new all-time high today after an 18% price rally earlier in the day. This surge followed a significant development, as South Korean exchange Upbit added the Korean Won (KRW) as a trading pair for MEW.
Before the development, MEW’s price was $0.0089. But as soon as the news spread, the meme coin formed a bullish engulfing candle that sent it to $0.010.
cats in a dogs world Rallies After Listing
Upbit previously listed MEW with several pairs, including Bitcoin (BTC) and USDT, in September. This development sparked a rally for the meme coin, but it was unable to break its previous all-time high.
MEW’s previous all-time high was $0.0097 in March. But today, the massive price increase has sent it above that region.
However, MEW’s price reaction to the development might surprise some market observers. Typically, an Upbit listing drives the involved cryptocurrency’s price significantly higher. For example, last week’s listing of Injective (INJ) resulted in a 10% price jump within minutes.
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Meanwhile, like the price, MEW’s volume also increased. According to Santiment, the Solana-based token’s volume surged past $200 million, signaling strong backing from several market participants during the rapid rally.
From a technical standpoint, rising volume alongside increasing price usually strengthens the uptrend. However, if the volume declines while the price rises, it could indicate a weakening trend. So the question remains — will MEW continue to rise?
MEW Price Prediction: Token Overbought
Based on the daily chart, the Bollinger Bands (BB) have expanded, indicating rising volatility around MEW. The BB also serves as a tool to gauge whether a cryptocurrency is overbought or oversold. When the upper band touches the price, the asset is considered overbought, while a touch on the lower band suggests it is oversold.
At present, MEW’s price is touching the upper BB, suggesting that the meme coin might be due for a short-term retracement. As a result, the token’s value could potentially pull back to the 23.6% Fibonacci retracement level, which is around $0.0089.
The Relative Strength Index (RSI), which measures momentum, also aligns with the Bollinger Bands (BB) signal, confirming that MEW is currently overbought. This reinforces the possibility of a short-term price pullback.
Read more: 11 Top Solana Meme Coins to Watch in October 2024
However, if the token maintains its position above the middle line of the upper band, this prediction might be invalidated. In that case, MEW’s price could continue its upward trajectory, potentially climbing by another 20% to reach $0.012.
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