MEW, also known as cat in a dogs world, experienced a significant surge of 31% today following its listing on the popular trading platform Robinhood. This surge propelled MEW to a four-month high of $0.0047, pushing its market capitalization over $400 million.
The trading activity for MEW saw a remarkable acceleration throughout the week, with trading volume escalating from $40 million on Wednesday to $70 million on Thursday, and then skyrocketing by over 370% to $315 million by Friday.
There are several factors that contributed to the rally of MEW. Firstly, the listing on Robinhood, which was launched recently, has significantly boosted the visibility and credibility of MEW. Being available for trading on a platform like Robinhood attracts new investors and adds a stamp of credibility to the coin.
Additionally, MEW participated in the Las Vegas Licensing Expo, a prominent event that brings together global leaders in intellectual property and brand development. This participation provided MEW with an opportunity to introduce itself to potential partners and consumers, generating optimism among traders.
Furthermore, MEW teased a new partnership with Cuberium, a blockchain-powered GameFi platform known for its innovative games and meme-token integrations. Although details of the partnership are yet to be disclosed, the teaser alone has generated excitement in the market.
Moreover, the derivatives market has shown a strong bullish interest in MEW, with open interest in MEW futures surging by 121% to a five-month high of $72 million. The majority of traders on Binance are positioning for further upside, indicating a positive sentiment in the market.
The overall market conditions have also been supportive, with Bitcoin reaching a new all-time high, contributing to a positive sentiment across the entire sector.
From a technical perspective, MEW appears well-positioned for a potential continuation of the rally. The price chart shows a round bottom pattern, with bullish indicators like the MACD lines pointing upwards and the Supertrend indicator turning green.
While the trend remains strong, the high RSI levels nearing 84 suggest a potential for a brief pullback in the market. However, during strong uptrends, assets can remain overbought for an extended period while continuing to climb.
In conclusion, MEW’s recent rally has been driven by a combination of factors including its listing on Robinhood, participation in the Licensing Expo, teaser of a new partnership, and strong bullish interest in the derivatives market. The technical indicators suggest a potential continuation of the rally, but a temporary pullback cannot be ruled out. Investors should exercise caution and conduct thorough research before making any investment decisions.