Cat In Dogs World – MEW Eyes $0.007807 Weekly Resistance As Whales Dig In
Cat In Dogs World (MEW) stands out today for its resilience and bullish momentum amidst a sea of red. Cat In Dogs World (MEW) has been edging higher today, up by 12% when going to press.
Whale Buys 479.6 million MEW Tokens
MEW’s upside momentum is a continuation of its price action yesterday when it rallied by over 100% in less than 24 hours. MEW’s strong bullish momentum today, when the rest of the market is down, is due to whale activity.
Today’s news hitting the market is that a whale named B3aTMg withdrew 10,438 SOL (approximately $1.54 million) from the Binance exchange. The money was then transferred to another exchange, which was used to buy 479.6 million MEW tokens at the average price of $0.0032. This has excited the market because it shows growing confidence in MEW among investors, days to the Bitcoin halving.
During the market rebound, whales bought $MEW and $SLERF.
B3aTMg withdrew 10,438 $SOL($1.54M) from #Binance to buy 479.6M $MEW at an average price of $0.0032.https://t.co/K32EUy5cF8
2zWLX9 withdrew 8,561 $SOL($1.27M) from #Binance to buy 4M $SLERF at an average price of… pic.twitter.com/qeIWdDTyGt
— Lookonchain (@lookonchain) April 15, 2024
OKX Listing Adds To The Momentum
MEW’s surge got a significant boost earlier this week when it was listed on OKX. OKX is one of the world’s biggest crypto exchanges by volume., This means it provides MEW with more liquidity, and also makes it visible and accessible for a wider range of traders than before.
#NewListing ALERT 🚨
📈 $MEW/USDT @Mewsworld & $WIF/USDT @dogwifcoin Spot Trading is now open!
Trade $MEW: https://t.co/PmwieT4fN5
Trade $WIF: https://t.co/OcSgrejRU2 pic.twitter.com/exQd3BCjHW— OKX (@okx) April 15, 2024
FOMO Building Up Despite Broader Market Uncertainty
These events have pushed MEW into the spotlight as one of the hottest digital assets. This is at a time when most of the market is down, and the crypto fear and greed index is painting a picture of uncertainty and cautious optimism.
As such, the buying pressure around Cat In Dogs World could see FOMO drive prices even higher as people rush to buy in anticipation of higher prices post-Bitcoin halving.
Bitcoin Halving Is Only 3 Days Away
The impending Bitcoin halving event adds fuel to MEW’s bullish sentiment. Historically, Bitcoin’s halving has catalyzed significant market rallies. This was last witnessed in 2020 when Bitcoin surged from $3,000 to $69,000, lifting altcoins by 100X or more.
With MEW’s relatively low market cap of just $548 million, analysts project that a sustained rally could propel its market cap to $5 billion or more. As investors brace for potential market volatility surrounding the Bitcoin halving, MEW’s standout performance offers a beacon of hope and opportunity amidst uncertain times. Its resilience and bullish momentum underscore the dynamism and potential for growth within the cryptocurrency ecosystem.
In the section below, we do a MEW price prediction to try and determine whether this rally or whether the prevailing bearish sentiment across the market will weigh down on it.
Cat In Dogs World Crypto Price Prediction
Cat In Dogs World is currently trading at $0.006125, up by 12.15%. Trading volumes were also on the rise at the time of writing, up 8.42% to hit $270.536 million. MEW’s market cap was also up by 12.48% to $544.775 million.
When going to press, MEW was in the green, a continuation of the V-shaped recovery that started 3-days ago. Despite this rally, MEW is not out of the woods yet. For this to happen, MEW must clear through $0.007807, a crucial resistance level in the week.
If bulls can push MEW through this resistance level, it would signal that they are firmly back in control. In such a scenario, Cat In Dogs World could be on its way to killing a zero. Also, with Bitcoin halving around the corner, pushing through $0.007807, MEW could enter a bull run that could easily see it rally by 100X or more.
However, if bulls fail to push MEW through $0.007807 today or in the next 24 hours, and the broader market remains sluggish, two scenarios could play out. The first is a possible range-bound trading between $0.007807 resistance and $0.002159 support.
On the other hand, if the selloff accelerates across the market and MEW breaks the $0.002159 support, then prices as low as $0.000830 could be within reach in the short term.
So, Which Way For MEW?
To determine how MEW could trade short-term, it is essential to keep an eye on the broader market. Bitcoin seems to have found strong support at $63,000 and is stabilizing. This means it could start building up bullish momentum ahead of the halving in 3 days. If the momentum is sustained, it could spell good tidings for MEW, which already has a strong underlying demand.
Kamal Masri
Kamal is an experienced financial analyst with a demonstrated history of working in the Financial Market. Skilled in Equities, Capital Markets, Portfolio Management, Risk management, and Corporate Finance. Kamal has worked at some of the leading online finance publications providing his expert knowledge on cryptocurrency. Kamal has written widely on digital assets across the stock and crypto media space and beyond, including for Coindesk, Ethereum World News and The FinTech Times.
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