MEW Breaks Past Previous High As CEX Volumes Spike

Cat in a dogs world (MEW) is creating a new all-time high (ATH), breaking out of an extended consolidation period. It pushed past an important resistance level as trading volumes rose on centralized exchanges (CEXs).

Now, amid light social media action around cryptocurrency, it’s come to the forefront of the digital asset market as it soars 7.2% in a day and tops the chart of the gainers.

The Power of ‘MEW Maxis’

After such a subdued time with narrow ranges, MEW is looking like a frontrunner in the broader cryptocurrency market rally. As one of the early movers, the coin has also seen strategic accumulations at low price levels amongst the community called ‘MEW maxis,’ highlighting the power of community-driven trades in the crypto space.

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Recently, MEW’s price trajectory has been very revealing of momentum building within the crypto markets. Technically, the coin’s price action across multiple charts is showing some heavy movements.

This breakout shows a robust accumulation phase that is now surging past the previous high. Looking back at the historical data, MEW’s price did not move until it found strong buying interest, like some support near lower levels, approximately around $0.0025.

Since that day, it has risen to a value far above 3.5 times its quieter days market cap. When it comes to MEW’s trading front, the 24-hour volume has surged, recently topping $155.81 million, a telltale sign of more trader interest, a busier market, and more liquidity.

Now, the market capitalization, as gauged by CoinMarketCap, stands near $830.44 million. Unfortunately, this uptick in volume coincides with a sharp increase in market capitalization.

Technical Analysis and Future Outlook

According to technical indicators, MEW shows bullish sentiment. The 50-day, 100-day, and 200-day SMAs can give insights into the direction of long-term trend strength and help validate potential resistance or support levels.

According to its current price, MEW is already over these averages, which strongly supports the uptrend. The Awesome Oscillator, a technique designed to ascertain market momentum, has also trended steadily upward in terms of green bars, indicating bullish buying pressure.

However, the crypto market is also known for its volatility, and unlike other markets, rapid price changes take place.

Additional analysis shows that if MEW can hold on to its support levels by at least around $0.0093, opportunities for further increases may open. It is expected to resist around $0.01, and if it breaks, the coin is likely headed for new upper levels.

The rise of MEW reminds us that crypto markets are fickle and that community sentiments and trading volumes are key drivers. With MEW showing no signs of slowing down in its market cycle and continuing to draw interested investors, everyone is watching to see what comes next.

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