MEW rose 10% against the grain as ETH plunged. I’m willing to go long on this kind of strength, but only on a pullback or breakout—not by chasing the price.
MEW is a cat-themed meme coin on Solana: “cat in a dogs world.”
It’s at 0.00050 now, up 10% in 24 hours. It barely fell when ETH dropped 5% yesterday, and this morning it climbed back near its previous high.
I think this is a strong meme coin attracting funds while the mainstream market sells off, with a bullish structure: after surging to 0.000538 on October 21, it pulled back to 0.000434 without breaking below it, and has now moved back above all the moving averages.
Even better, the funding rate is negative at -0.031%, so longs can collect payments from shorts.
Two ways to go long: enter with a small position if it stabilizes around the cluster of moving averages at 0.00047 on a pullback; or chase after a volume-backed breakout above the previous high of 0.000538, targeting 0.00058.
Cut losses if it falls below the pullback low at 0.000434—that would mean the strength was fake.
It’s a pure meme coin with no fundamentals. Its 24-hour futures trading volume is only a little over $600,000, and the order book is extremely thin. Keep your position as small as possible and don’t hold overnight.
Are you betting it breaks above the previous high and kicks off a second wave, or that a market sell-off will drag it down despite its strength?
$MEW $BTC
#meme coin #Binance futures
MEW is a cat-themed meme coin on Solana: “cat in a dogs world.”
It’s at 0.00050 now, up 10% in 24 hours. It barely fell when ETH dropped 5% yesterday, and this morning it climbed back near its previous high.
I think this is a strong meme coin attracting funds while the mainstream market sells off, with a bullish structure: after surging to 0.000538 on October 21, it pulled back to 0.000434 without breaking below it, and has now moved back above all the moving averages.
Even better, the funding rate is negative at -0.031%, so longs can collect payments from shorts.
Two ways to go long: enter with a small position if it stabilizes around the cluster of moving averages at 0.00047 on a pullback; or chase after a volume-backed breakout above the previous high of 0.000538, targeting 0.00058.
Cut losses if it falls below the pullback low at 0.000434—that would mean the strength was fake.
It’s a pure meme coin with no fundamentals. Its 24-hour futures trading volume is only a little over $600,000, and the order book is extremely thin. Keep your position as small as possible and don’t hold overnight.
Are you betting it breaks above the previous high and kicks off a second wave, or that a market sell-off will drag it down despite its strength?
$MEW $BTC
#meme coin #Binance futures