The Cat In A Dogs World price surged over 105% in the past week and 11% in the last 24 hours to trade at $0.008459 as of 4:45 a.m. EST.
With the recent jump in the MEW price, the altcoin has posted the biggest gain over the last week and the past day of trading among major cryptos measured by market capitaliztion.
The crypto’s strong performance also comes even as the total crypto market cap dropped more than 1% in the last 24 hours. This decrease in the digital asset market’s valuation adds to the 14.4% drop suffered during the second quarter that was revealed in a report by CoinGecko.
The Cat In A Dogs World Price Attempting To Flip Resistance
4-hour chart for MEW/USD (Source: GeckoTerminal )
The Cat In A Dogs World price is attempting to flip the resistance level at $0.008400 into support. Closing a 4-hour candle above this threshold within the next 8 hours could lead to the meme coin continuing the positive trend it has been in over the past 24 hours. MEW might subsequently try to climb towards $0.009690 in the short term.
However, the Cat In A Dogs World price failing to close a 4-hour candle above $0.008400 within the next 8 hours could invalidate the bullish thesis. In this alternative scenario, the crypto might drop below the positive trend line that has emerged on the meme coin’s charts.
This could then expose MEW to the risk of falling below $0.007113 and possibly plunge to $0.006008.
The Cat In A Dogs World Price Showing Bullish Strength
Technical indicators on MEW’s 4-hour chart suggest the crypto’s price could keep rising through the course of the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing bullish signs.
The MACD line is currently attempting to break above the MACD Signal line. An intersection between these two technical indicators could be seen as a sign that MEW has entered a short-term positive trend. Traders might then decide to enter into a long position for the crypto, which could push the Cat In A Dogs World price up in the following 24 hours.
Meanwhile, buyers have the upper hand against sellers. This is evident by the current RSI reading above the 50 benchmark. What’s more, the RSI is positively sloped as well, which could indicate that bulls are still accumulating strength against bears.
While the Cat In A Dogs World price attempts to overcome the resistance level at $0.008400, investors are rushing to buy the Pepe Unchained (PEPU) presale, which has rocketed past $5 million in funds raised within a month.
