Can MEW Break July's Record After a 32% Jump in Two Days?
MEW has jumped 32% in two days! Explore the bullish momentum and the critical levels traders should watch for future gains
Highlights:
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$MEW surged 32% in two days, attracting significant trader interest and excitement.
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Key resistance level at $0.0088; surpassing it could lead to further gains.
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Caution advised due to rising selling pressure; monitor Bitcoin’s reaction at $66K.
cat in a dogs world (MEW) soared 32% in just two days, marking a new high for October, but significant growth remains. The bullish market structure hints at more gains ahead, yet caution persists as July’s record high still stands.
With Bitcoin possibly facing rejection at $66K, traders wonder whether to secure profits or hold out for a breakthrough. Will $MEW finally break through this long-standing barrier?
$MEW’s Rally and Market Outlook
Recent Bitcoin gains fueled excitement in the meme coin market. $MEW stands out as a strong performer, climbing 86% this month. However, the price has not yet breached the crucial July high.
Traders watch $0.0088 as a key level for entry. Once surpassed, Fibonacci extension levels at $0.1 and $0.123 will emerge as the next targets. Until a breakout occurs with high trading volume, market participants should brace for a pullback.
What Lies Ahead for MEW?
Despite the positive momentum, warning signs are emerging. The spot CVD indicates rising selling pressure, suggesting profit-taking. This trend contradicts the bullish capital inflows reflected in the CMF, which indicates strong demand.
Analysts predict a minor dip to $0.0767, but patience may yield better opportunities. Bullish sentiment persists, but risks loom as Bitcoin's price movements create uncertainty for MEW’s future. A slight pullback may occur before the anticipated breakout.
For now, traders should monitor Bitcoin’s reaction at $66K to gauge MEW’s next moves. Until then, caution and strategic entries remain crucial for navigating this volatile period.
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