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- 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.
- “The recent price decline and increase in trading volume suggest a shift towards bearish sentiment in the market,” said a market analyst.
MEW drops 22.36% after hitting $0.005744 peak, reflecting strong selling pressure.
MEW Experiences Significant Volatility Amid Market Uncertainty
The price of CAT in a DOG’S WORLD (MEW) saw a dramatic fluctuation on May 29, driven by heightened market activity. Initially, MEW surged by 20%, reaching an intraday peak of $0.005744. However, this upward momentum was short-lived as the token faced substantial resistance, leading to a pronounced correction. The selling pressure intensified, causing the price to fall below the psychological support level of $0.005000.
Market Sentiment Turns Bearish
The decline in MEW’s price was accompanied by a 14.56% decrease in trading volume, indicating strong seller participation. This shift in market dynamics suggests a growing bearish sentiment. Additionally, open interest dropped sharply by 23.45%, reflecting that many traders are closing their positions due to uncertainty or incurred losses. Long positions have been particularly affected, with losses amounting to $826.88K in the past 24 hours, compared to $274.56K for short positions.
Potential for Further Corrections
Despite some traders anticipating a potential rebound, the overall market sentiment remains cautious. If the selling pressure persists, MEW could face further corrections. However, the current price level might provide a new support base for the token. The partnership with LOCUS Animation to launch a 3D series could also play a role in stabilizing the token’s price by boosting its presence in the entertainment sector.
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Conclusion
In summary, MEW’s recent price action highlights the volatility and uncertainty prevalent in the crypto market. The significant drop from its peak, coupled with increased trading volume and declining open interest, underscores the bearish sentiment among traders. While there is potential for a rebound, market participants should remain cautious and closely monitor the token’s performance and broader market trends.
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