Cat in a Dog's World (MEW) Is Creating a New All-Time High (ATH)

After such a subdued time with narrow ranges, MEW is looking like a frontrunner in the broader cryptocurrency market rally.

Cryptocurrency MEW (MEW) hit a new all-time high (ATH) on Monday as it rallied 7.2% in 24 hours to lead the gainers.

The coin, which is now ranked 222 on CoinMarketCap, pushed past an important resistance level as trading volumes rose on centralized exchanges (CEXs).

Despite light social media action around cryptocurrency, MEW came to the forefront of the digital asset market.

The power of ‘MEW maxis’

After a period of subdued activity within a narrow range, MEW emerged as a frontrunner in the broader cryptocurrency market rally.

As one of the early movers, the coin also saw strategic accumulations at low price levels among the community, known as ‘MEW maxis,’ highlighting the power of community-driven trades in the crypto space.

Recently, MEW’s price trajectory revealed momentum building within the crypto markets. Technically, the coin’s price action across multiple charts showed some heavy movements.

This breakout signaled a robust accumulation phase that surged past the previous high. Looking back at historical data, MEW’s price remained stagnant until it found strong buying interest, such as support near lower levels, around $0.0025.

From that day, it rose to a value that was now over 3.5 times its market cap during quieter days.

On the trading front for MEW, the 24-hour volume surged, having recently crossed $155.81 million, indicating increased trader interest, a busier market and more liquidity.

At the time of writing, the market capitalization stood at $830.44 million, according to CoinMarketCap. Unfortunately, this uptick in volume coincided with a sharp increase in market capitalization.

Technical analysis and future outlook

Technical indicators signaled bullish sentiment for MEW. The 50-day, 100-day, and 200-day simple moving averages (SMAs) provided insight into the direction of long-term trend strength and helped validate potential resistance or support levels.

Based on its current price, MEW was already above these averages, which strongly supported the uptrend.

The Awesome Oscillator, a technique designed to ascertain market momentum, also trended steadily upwards in terms of green bars, indicating bullish buying pressure.

However, the crypto market was also known for its volatility, and unlike other markets, rapid price changes occurred.

Further analysis showed that if MEW managed to hold on to its support levels, at least around $0.0093, opportunities for further increases might open up. It faced resistance around $0.01, and if it broke, the coin was likely headed for new upper levels.

The rise of MEW served as a reminder that crypto markets were fickle and that community sentiments and trading volumes acted as key drivers.

With MEW showing no signs of slowing down in its market cycle and continuing to attract interested investors, everyone was watching to see what came next.

Despite the uncertainties, one thing was clear: It wasn’t just an ephemeral moment. It was a big trend that could define MEW’s future in the months to come.