Cat In A Dogs World Price Spikes Nearly 10% — Is MEW Memecoin About To Burst Out?
Cat In a Dog’s World price analysis
Key Takeaways
- Cat In A Dogs World (MEW) is approaching the breakout point of a symmetrical triangle.
- Recently, MEW’s price spiked nearly 10%, hitting resistance.
- The latest price movements confirmed a consolidation phase.
The Cat In A Dogs World (MEW ) memecoin has shown remarkable volatility, surging nearly 10%, from May 14’s low of $0.003 to its daily high of $0.0035. This rise brought the price to the resistance level of a long-lasting symmetrical triangle. As it approaches its apex, a breakout might soon occur.
Cat In a Dogs World (MEW) Price Analysis
MEW’s initial uptrend began at $0.0008 on March 27. It swiftly climbed to nearly $0.01 by April 2, its all-time high. This sharp rise was followed by a significant correction, falling to a low of $0.0018 on April 13.
A new surge started on April 13, suggesting the potential onset of a larger uptrend. However, this ended with a lower high of $0.0068 on April 16 and was revisited on April 24, finding resistance slightly above there.
On its following downturn, the price reached a higher low of $0.0035 on May 1. This confirmed that it wasn’t in a downtrend but in a consolidation phase. Yesterday, May 14, horizontal support was confirmed once more, as we saw a near 10% bounce.
These moves formed a symmetrical triangle anchored at the all-time high and its April 13 low. MEW is approaching its apex, so we are anticipating a breakout. As in the case of these triangles, a breakout from each side is equally possible.
Cat In a Dogs World (MEW) Price Prediction
The triangle could have been a five-wave correction. The price moves narrowed, indicating that buyers and sellers were getting close to a price consensus.
When they meet at the $0.003 area, we will see a breakout with one side winning the tug-of-war. Considering the limited price history, we are looking at an hourly chart, which cannot reliably read the indicators. However, the chart’s RSI came down to its oversold zone on May 14, indicating that the low could be in.
A breakout to the upside is most likely. If that is the case, we will see a new five-wave impulse. If this happens, MEW could climb to around $0.007 area, an increase of over 100% from its current values.
But if we see a breakout to the downside, MEW could face more hardship and go back to its April 13 low of $0.0018.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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