Why Solanas MEW Could Be Your Top Memecoin This Week

Contributor

• Open interest in MEW has increased by 60% following a bullish price action pattern with a double bottom.
• MEW is the most popular Solana meme coin this week. It has risen by over 75%.

MEW Prices Surge: What Could Be Behind It?

MEW’s price surge could be due to SOL’s stellar performance, its anticipated exchange-traded funds in the United States, and Korean investors’ love for this cat coin.

An investor named Joshua has revealed that Upbit, a major cryptocurrency exchange, has recorded a daily trading volume for meme coins like Dogecoin of over $90 million. [DOGE] Shiba Inu [SHIB].

Bithumb’s meme coin MEW is the most popular meme coin in the market. It has the highest volume of any top meme coin.

According to data from CoinGlass, MEW’s open interest (OI), a measure of trading volume, has increased by 60% in the last 24 hours.

MEW price prediction and upcoming resistance level

MEW is bullish according to technical analysts. It has formed a bullish price action pattern with a double bottom on a weekly basis.

Despite this bullish pattern, MEW is currently at the neckline. MEW price has historically experienced a major sell-off whenever it reached $0.0062.

This time, however, investor interest has reached a peak. If the weekly or daily MEW candle closes well above $0.0065, we could witness tremendous bullish momentum.

If history repeats itself, MEW is likely to fall below the $0.0033 mark.

At the time of writing, MEW was trading at $0.0057. In the last 24 hours, it has experienced a price increase of more than 12%. If we compare MEW’s performance over a longer period, it has experienced a price increase of more than 75% in the last seven days.