Key Takeaways
Memecoins, especially those in the Solana blockchain, have led the 2024 crypto market cycle. This week, the best-performing large-cap meme coins have been MEW and MOG, which reached or are close to reaching new all-time highs.
Let’s analyze their price action for these two cat meme coins and see where these increases will lead.
The daily MOG chart shows that the price has moved upward rapidly since Sept. 6. MOG culminated with a high of $0.0000021 on Oct. 14, which was an increase of 210% and very close to the all-time high.
While MOG has fallen since then, it bounced at the $0.00000195 horizontal area and closed above it on Oct. 16.
This critical area has acted as resistance since June, except for the deviation that resulted in the all-time high (black circle). A close above it will likely lead to new highs.
The wave count suggests that the MOG price is in the fifth and final wave of its increase. wave five has extended and is likely to reach a high of $0.00000237, giving it the same length as waves one and three combined.
Technical indicators are showing some weakness. This is more clearly visible in the Relative Strength Index (RSI), which has generated a bearish divergence (green). However, the MACD has not shown any signs of waning momentum yet.
This means that wave five has likely not ended yet. So, the most likely future outlook is an increase toward $0.0000024 before a correction.
If wave five extends further, the next target will be $0.0000026.
The MEW price analysis reveals that the price broke out from a descending resistance trend line on Oct. 14, reaching its highest-ever daily close. However, this was slightly below the all-time high of $0.00929.
While the price did not reach a new all-time high, it closed above the final horizontal resistance area of $0.00800, which it is now attempting to validate as support.
The daily RSI and MACD validate the bullish trend. Both are increasing, and neither has generated any bearish divergence.
So, the trend remains bullish as long as the MEW price does not close below the $0.00800 horizontal area.
If the increase continues, the next resistance will be at $0.01210, created by the 1.61 external Fibonacci retracement resistance. The target is 45% above the current price.
Conversely, closing below $0.00800 can trigger a decline to the resistance trend line at $0.00680. Currently, this seems unlikely.
MOG and MEW have been the two biggest cat meme coin gainers and have nearly led all meme coins.
The price action is positive and suggests new all-time highs are likely soon.