Solana-based meme token “Cat in a Dogs World” (MEW) saw its value skyrocket following listing on South Korean exchange Upbit.
The token’s value surged over 10%, reaching an all-time high of $0.010. This rally occurred after the introduction of the Korean Won (KRW) trading pair on the platform.
Earlier, MEW was tradable on Upbit against BTC and USDT and the token had an earlier rally but failed to break through its previous high of $0.0097. Nonetheless, the new KRW trading pair enabled MEW to break through these barriers and reach a new high.
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Increased Volume Signals Growing Market Interest
Along with its price surge, MEW saw a sharp increase in trading volume. It surpassed $200 million, signaling strong interest from the market. According to data from Santiment, the token’s volume soared during the rally. It is generally seen as a positive sign for continued upward momentum.
Higher volume usually reflects the fact that more buyers and sellers are participating in trading the asset. This is in line with the existing tendency. However, the analyst are still concerned.
When both volume and price rise, this is regarded as a positive signal of a bullish market. However, when price rises and volume declines, this may indicate that the upward movement is losing steam.
Through this new KRW trading pair, MEW has gained immense attention. It forms the list of meme coins such as DOGE and SHIB that are also paired with KRW on Upbit.
Technical Indicators Suggest Potential Pullback
As MEW’s price has gone up, the technical analysis suggests that the token may suffer a temporary retracement. The Bollinger Bands of MEW’s daily chart has been widening, which means that there is increased volatility. Owing to the fact that MEW is currently trading close to the upper Bollinger Band, the token may be overbought and therefore prone to some correction.
The Relative Strength Index (RSI) a momentum indicator is also in the overbought area suggesting that there might be a slight pull back. According to the market trends, MEW may likely find its support at $0.0089 which is close to the 23.6% Fibonacci retracement level.
If MEW stays above the middle line of the Bollinger Bands, the upward movement may continue and MEW can climb up to $0.012.Such scenarios depend heavily on sustained volume and momentum in the coming days.
MEW Gains Attention as Third Meme Coin Paired with KRW
The listing of MEW as a KRW trading pair on Upbit is noteworthy as it positions the token among other well-known meme coins in the market. It becomes only the third meme coin, following DOGE and SHIB, to be paired with KRW, signaling broader adoption and interest within the South Korean market.
This development could provide MEW with increased visibility and trading activity, particularly from Upbit’s large user base in South Korea. The listing is expected to attract both retail and institutional investors, adding to the coin’s growing popularity in the meme coin sector.
Disclaimer
The information provided in this article is only for educational and informational purposes and should not be considered financial or investment advice. We are not licensed financial advisors. Always conduct your research and seek guidance from a certified financial professional before making any investment decisions.
