Coin Edition -
- MEW drops 22.36% after hitting $0.005744 peak, reflecting strong selling pressure.
- WIF declines 9.25% to $3.56, forming a bearish ‘lower highs’ pattern.
- MEW partners with LOCUS Animation to launch 3D series, boosting entertainment presence.
The price of CAT in a DOG’S WORLD (MEW), a memecoin built on the Solana blockchain, experienced a volatile swing on May 29.
After a significant 20% increase, MEW encountered resistance at an intraday high of $0.005744. This resistance triggered a correction, marked by a decline as selling pressure intensified. Initially, the price found temporary support around the psychological level of $0.005000, but this support soon gave way, leading to a more profound decline.
MEW/USD 24-hour price chart (source: CoinMarketCap)
As of press time, the price had stabilized at $0.004431, reflecting a 22.36% drop from the day’s peak. Concurrently, the trading volume decreased by 14.56%, indicating strong seller participation and contributing to the downward price movement.
Market Sentiment and Outlook for MEW
The recent price decline and increase in trading volume suggest a shift towards bearish sentiment in the market. A sharp decrease in open interest by 23.45% indicates that many traders are closing their positions, likely due to uncertainty or losses. Long positions have incurred substantial losses, with $826.88K lost in the past 24 hours compared to $274.56K for short positions.
Despite some traders positioning for a potential rebound, the overall market sentiment remains cautious. If selling pressure continues, further corrections are likely, though the current price level might offer new support for MEW.
MEW Derivatives Data
Despite the recent market downturn, MEW has partnered with LOCUS Animation Studio to create a new 3D animated series. This collaboration aims to elevate MEW’s status as a cat-themed Solana blockchain token and expand its presence in the entertainment and retail sectors.
$MEW