MEW Price Dips 23% Ahead of International Cat Day: What’s Next?

MEW price, a cat-in-a-doged-meme-based cryptocurrency, has experienced a notable decrease over the past few days. This follows the global market’s bearish trend, with many meme coins, including other cat-dog-themed tokens, having witnessed a decline. This downtrend follows ahead of celebrating International Cat Day this week.

MEW Price Declines Ahead of International Cat Day

This week, on August 8th, cat lovers and cryptocurrency enthusiasts will celebrate International Cat Day. This event coincides with a dip in interest in meme coins, particularly those themed around popular internet cultures such as cats and dogs. Despite the current price decrease, the community’s excitement around these themed coins remains palpable.

Over the past 24-hours, Cat in a Dogs World has faced a notable decrease in market value. At the time of reporting, the MEW price hovered at $0.003715, marking a 27% decrease during European business hours.

The cat-themed meme coin reached its highest value of the day at $0.00522 but later plummeted to a low of $0.003488 amidst broader market fluctuations. MEW achieved its all-time high about four months ago, on March 31, 2024, when it traded at $0.01034. 

Since then, the token has struggled to regain its former peak, reflecting a drop of 62.94% to its current value.

Will MEW Hit ATL Amid Bearish Market Sentiment?

The MEW price faces a bearish trend, which may lead to further price declines. If this trend continues, the token could break through the critical support level at $0.0036, potentially dropping to $0.0035. Should the downward momentum intensify, the price could fall further to $0.0032, marking a substantial decrease from its current value.

The technical indicators on the 4-hour chart of MEW/USDT indicate a bearish trend. The Relative Strength Index (RSI) is currently at 21.26, indicating an oversold condition, which could lead to a potential reversal or further downward movement if the selling pressure persists.

The Moving Average Convergence Divergence (MACD) indicates bearish momentum as the MACD line is below the signal line. The histogram shows a value of -0.000473. The downward movement of these lines further confirms the bearish outlook.

On the upside, if bulls regain control, MEW price could rebound to the $0.0037 level, signalling a potential shift in market sentiment. If this resistance is overcome, the token may reach $0.004 after International Cat Day, attracting increased attention from the market.