MEW surges 47%, but analysts warn of correction
– The memecoin MEW has risen by 47.06% in the last 30 days.
– However, analysts expect a price correction soon.
– Market indicators suggest increasing investor caution.
– A drop to $0.0087 could be imminent if the upward trend is not sustained.
Strong Surge, but Correction Possible
The memecoin *Cat in a Dogs World* (MEW) has shown remarkable price performance in recent weeks. From a low of $0.0046, MEW recorded a rise of 47.06%, reaching $0.01 recently. This positive development has captured the interest of both investors and analysts. However, despite the current upward trend, there are signs that a correction may be on the horizon.
Analysts Warn of Potential Decline
Some analysts, including the well-known crypto expert *Man of Bitcoin*, see signs of an impending correction. He refers to the *Elliott Wave Theory*, which suggests that the market moves in cyclical waves. According to his analysis, MEW is currently in the third wave, which is nearing its peak. Once this wave concludes, a fourth wave could follow, typically characterized by a price decline.
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A break of the current upward trendline could, according to *Man of Bitcoin*, signal the end of the third wave and the beginning of the fourth. This would imply a decline in MEW’s price.
Market Sentiment Points to Uncertainty
In addition to wave analysis, other indicators suggest a potential market cooldown. A look at the *long-short ratio* shows that 52.7% of positions are betting on falling prices, while only 47.2% are hoping for rising prices. This distribution suggests that the majority of traders expect a drop in MEW’s price.
Moreover, *open interest*—an indicator for the total volume of open positions—has dropped by 29.30% in the last 48 hours. This means that many investors are closing their positions rather than opening new ones, indicating waning confidence in MEW’s future price development.
Technical Indicators Losing Strength
Another sign of a potential price decline is the *Directional Movement Index* (DMI), which shows that the current upward trend is losing momentum. While the *ADX* (a measure of trend strength) has risen to 54.8, the positive *DI* (which measures buying power) has dropped to 37. This suggests that the bears are slowly gaining control of the market.
What Does This Mean for MEW’s Price?
Despite the recent upward trend, there are several signs that MEW may be on the verge of a correction. If the price does fall, the next key support level could be at $0.0087. However, to continue the upward trend, MEW would need to stay above its *SMA* (simple moving average) at $0.0095.
Our Assessment
MEW’s strong rise in recent weeks is impressive, but the warning signs are hard to ignore. Market sentiment appears to be shifting, and technical indicators point to a weakening upward trend. Short-term investors may want to exercise caution and closely monitor developments. Long-term investors should be aware that while a correction is possible, it could also present opportunities if the price stabilizes.
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