Solana-basedmemetoken“CatinaDogsWorld”(MEW)sawitsvalueskyrocketfollowinglistingonSouthKoreanexchangeUpbit.
Thetoken’svaluesurgedover10%,reachinganall-timehighof$0.010.ThisrallyoccurredaftertheintroductionoftheKoreanWon(KRW)tradingpairontheplatform.
Earlier,MEWwastradableonUpbitagainstBTCandUSDTandthetokenhadanearlierrallybutfailedtobreakthroughitsprevioushighof$0.0097.Nonetheless,thenewKRWtradingpairenabledMEWtobreakthroughthesebarriersandreachanewhigh.
IncreasedVolumeSignalsGrowingMarketInterest
Alongwithitspricesurge,MEWsawasharpincreaseintradingvolume.Itsurpassed$200million,signalingstronginterestfromthemarket.AccordingtodatafromSantiment,thetoken’svolumesoaredduringtherally.Itisgenerallyseenasapositivesignforcontinuedupwardmomentum.
Highervolumeusuallyreflectsthefactthatmorebuyersandsellersareparticipatingintradingtheasset.Thisisinlinewiththeexistingtendency.However,theanalystarestillconcerned.
Whenbothvolumeandpricerise,thisisregardedasapositivesignalofabullishmarket.However,whenpricerisesandvolumedeclines,thismayindicatethattheupwardmovementislosingsteam.
$MEWiswinninghttps://t.co/qH3kYpc3BTpic.twitter.com/azC7AsjVbP
—Myth(@estimyth)October21,2024
ThroughthisnewKRWtradingpair,MEWhasgainedimmenseattention.ItformsthelistofmemecoinssuchasDOGEandSHIBthatarealsopairedwithKRWonUpbit.
TechnicalIndicatorsSuggestPotentialPullback
AsMEW’spricehasgoneup,thetechnicalanalysissuggeststhatthetokenmaysufferatemporaryretracement.TheBollingerBandsofMEW’sdailycharthasbeenwidening,whichmeansthatthereisincreasedvolatility.OwingtothefactthatMEWiscurrentlytradingclosetotheupperBollingerBand,thetokenmaybeoverboughtandthereforepronetosomecorrection.
MEWPriceAction|Source:TradingView
TheRelativeStrengthIndex(RSI)amomentumindicatorisalsointheoverboughtareasuggestingthattheremightbeaslightpullback.Accordingtothemarkettrends,MEWmaylikelyfinditssupportat$0.0089whichisclosetothe23.6%Fibonacciretracementlevel.
IfMEWstaysabovethemiddlelineoftheBollingerBands,theupwardmovementmaycontinueandMEWcanclimbupto$0.012.Suchscenariosdependheavilyonsustainedvolumeandmomentuminthecomingdays.
MEWGainsAttentionasThirdMemeCoinPairedwithKRW
ThelistingofMEWasaKRWtradingpaironUpbitisnoteworthyasitpositionsthetokenamongotherwell-knownmemecoinsinthemarket.Itbecomesonlythethirdmemecoin,followingDOGEandSHIB,tobepairedwithKRW,signalingbroaderadoptionandinterestwithintheSouthKoreanmarket.
ThisdevelopmentcouldprovideMEWwithincreasedvisibilityandtradingactivity,particularlyfromUpbit’slargeuserbaseinSouthKorea.Thelistingisexpectedtoattractbothretailandinstitutionalinvestors,addingtothecoin’sgrowingpopularityinthememecoinsector.
thecoinrepublic.com