Cat coins are still the favorite narrative around Crypto Twitter. The newest coin to explode is MEW, also known as Cat In A Dogs World.
While the coin has been up tremendously lately, it has also been the center of many controversies, with rumors of the team paying KOLs (Key Opinion Leaders, Influencers) up to $1 million in tokens to promote it.
This is a number completely out of this world for normal people, considering these KOLs will have to do only a few tweets a week for these teams.
it's sad how easy large twitter anons have it, every few weeks I'm offered $1M+ in tokens to tweet about some garbage
I obviously never accept, but have countlessly seen others I respect do so, it's so normalized now
ignore the highlight reels on this app, most are fake
— Psycho (@AltcoinPsycho) July 23, 2024
MEW Price Analysis: It’s Looking Super Bullish Despite FUD
Some terms used in this article, such as MA and RSI, have been explained in a previously written article you can find here.
Despite the massive amounts of FUD surrounding MEW, the chart, when we add some support and resistance, paints a very different picture.
We can see that $0.003032 was the support and also the ignition for this huge run-up on the last touch of it.
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Furthermore, we can see that $0.006705 was the resistance that kept the price below it for around 100 days. The second price got above it, and I retested it yesterday. We know the next step for MEW is a touch of all-time highs.
110% profit in a weeks time. Ggs and thanks $MEW.
Broke above decent resistance and we should expect it to at minimum fill the wick from launch. https://t.co/eMhQTL8ugK pic.twitter.com/boTUMdfR0x
— VikingXBT (@VikingXBT) July 22, 2024
We can also note the huge uptick in volume over the past four days, which has completely exploded, telling us there is huge interest in the coin.
When we look at the RSI, we can note that it’s in a highly overbought area because it is over 70.
MEW To New Highs Or Will The FUD Be Too Much?
There’s a saying that “all publicity is good publicity,” which also appears to be the case with MEW.
We noticed that ever since all this drama broke out around one day ago, MEW has gone up over 27%, and volume has totally skyrocketed. The chart is also looking very primed for a run at the highs and potentially a new all-time high.
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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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