MEW Price Slumps as International Cat Day Approaches Amid Market Bearishness

• MEW price faces declines as we approach International Cat Day, reflecting a global bearish trend in meme coins.
• Market fluctuations continue to impact cat-themed tokens amidst the overall downturn in the cryptocurrency market.
• Technical indicators show MEW is oversold with bearish momentum, leading analysts to predict further declines.

MEW price experiences significant drops ahead of International Cat Day amidst widespread bearish sentiment in meme coins.

MEW Price Drops Leading Up to International Cat Day

As the world prepares to celebrate International Cat Day on August 8th, the price of MEW, a prominent cat-themed cryptocurrency, has seen a notable decline. This downturn is reflective of a broader bearish trend impacting meme coins. Over the past few days, MEW’s market value has dropped, resonating with the global bearish sentiment affecting other cat and dog-themed tokens.

Technical Indicators Highlight Bearish Momentum

Analyzing the technical standpoint, MEW’s 4-hour chart reveals a concerning bearish trend. The Relative Strength Index (RSI) stands at 21.26, indicating an oversold condition, which could result in either a potential reversal or continued downward movement if selling pressure persists. The Moving Average Convergence Divergence (MACD) chart supports this bearish outlook. The MACD line remains below the signal line with a histogram reading -0.000473, amplifying the negative sentiment surrounding MEW.

MEW Market Performance and Future Projections

During the last 24 hours, MEW’s price experienced significant volatility. At the time of writing, the token’s value dropped to $0.003715, a 27% decrease during European business hours. The price briefly hit a daily high of $0.00522 before plummeting to a low of $0.003488. MEW reached its all-time high on March 31, 2024, trading at $0.01034, but has since dropped by 62.94% to its current value.

Potential for Rebound or Further Decline

MEW faces a critical juncture. If the bearish trend continues, breaking the support level at $0.0036 could see the price fall further to $0.0035 and potentially even to $0.0032. However, there’s room for optimism. Should the bulls regain control, a rebound to $0.0037 is possible, signaling a potential shift in market sentiment post-International Cat Day. A successful breach of this resistance might push the price to $0.004, attracting renewed market interest.

Conclusion

In summary, MEW is currently navigating through a challenging bearish phase leading up to International Cat Day. The community remains optimistic, yet cautious, about a potential rebound. The key lies in breaking significant resistance levels and mitigating the bearish momentum indicated by technical charts. Investors should closely monitor MEW’s technical indicators and market sentiment as we approach this significant event in the crypto space.