Over the weekend, Cat Coins have been galloping forward. WEN a new cat-themed Solana meme coin shows promise with this breakout!
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Fractionalized ownership of a NFT?
During the weekend, we saw MEW (cat in a dog’s world) go up 75%, Popcat touch above $1, and MOG go up 25% to almost hit a $1B market cap.
Wen is a Community coin based on a fractional NFT. The NFT refers to weremeow’s poem 'A Love Letter to Wen Bros'.
The NFT is fractionalized into a trillion pieces that trade like normal Solana tokens. Each Wen token equals proportional ownership in Meow's poem.@wenwencoin $WEN pic.twitter.com/NlJRe84XJC— HULK (@Hulkingsol) April 15, 2024
But there’s a new cat in town. Back in March, when Jupiter was about to launch its token, Jupiter made a meme coin named WEN to test out its airdrop system.
That meme coin is actually also a cat coin, based around fractionalized ownership of an NFT, meaning everyone who has a bit of WEN has a certain percentage ownership of the NFT. Pretty cool!
WEN Price Analysis: Is Top Solana Meme Coin Cat Breaking out?
(WEN USDT – Support and Resistances)
We can start our analysis of WEN by adding the levels we can visually see that previously acted as support or resistance.
$0.0001515 immediately jumps into my eyes as a level that has been important previously. Another level that looks like it has been important for price action is $0.0002642. With price reclaiming $0.0001515 on the daily close leading into today, we can take this as a bullish signal and move on in our analysis to the next point.
Moving Average and Relative Strength Index – Can they tell us some secrets?
Moving average: Simply the average closing price of the amount you’ve chosen as your input, in our case 100, making it the D100 MA. The MA is highlighted by being a blue line on the chart.
When we look at the D100 MA we can see that price has never really accepted being above it. This is the third time it’s trying to stay above there, and on every try, it has dumped straight back down. So will this time be different?
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Lastly, we can look at the RSI. Relative Strength Index measures the strength of an asset. It will be considered overbought when it’s above 70 and oversold if it goes below 30.
You can use this as a signal to take a position with some experience. For example, if an asset reaches overbought and continues to stay above it, it shows strength, and we can use that signal to stay in our position even longer than we would otherwise have done.
On WEN, we can see that prices have not been able to push even close to overbought territory lately and then suddenly boom. They touched overbought today and pulled back a little.
$WEN looks 🚀
And if u think about it, it's another cat coin that didn't move with the others. And also;
– Reclaimed a big resistance in $0.0001516
– Trying to get above D100 MA which I personally like on memes
– RSI pushing overbought, lets see some strength by being able to… pic.twitter.com/14NqJF7j76— VikingXBT (@VikingXBT) July 22, 2024
To conclude our analysis of WEN, we should agree that we want to see it close above the daily 100-moving average. We want to see it push into overbought RSI and then cool off for a few days to reset it a little.
Lastly, we want to see it push up and touch the last resistance before the all-time high at $0.0002642.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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