- The volumes of each meme cash dropped sharply together with their costs.
- A couple of market indicators hinted at a pattern reversal.
Solana [SOL]-based meme cash akin to POPCAT and cat in a dogs world [MEW] have been gaining a lot traction in the previous few days.
These meme cash have displayed excessive volatility of their value actions as they challenged the likes of already established dog-based meme cash like BONK and dogwifhat [WIF].
MEW and POPCAT on fireplace
The meme coin market has been dominated by dog-based cash like Dogecoin [DOGE] and Shiba Inu [SHIB] for a number of years.
However, the pattern is now altering with the inception of POPCAT and MEW, that are based mostly on cats.
SolanaGround, a preferred X deal with that posts updates associated to the blockchain’s developments, just lately posted a tweet highlighting how MEW and POPCAT’s market capitalization elevated within the recent previous.
In reality, AMBCrypto reported just a few days in the past that MEW’s worth surged by greater than 200% within the final 30 days. This explosive progress allowed MEW to overhaul POPCAT when it comes to market cap.
However, these meme cash’ bull rallies got here to an finish within the final 24 hours as MEW and POPCAT’s values dropped by over 11%. At press time, MEW was buying and selling at $0.004315, whereas POPCAT was valued at $0.4157.
Is the excitement over?
AMBCrypto’s evaluation of Santiment’s knowledge identified that whereas each meme cash’ costs dropped, their quantity additionally plummeted.
A decline in quantity together with value typically means that the declining value pattern is perhaps short-lived.
Source: Santiment
Therefore, we analyzed each meme cash’ 4-hour charts to higher perceive which manner they had been headed. We discovered that MEW’s MACD displayed a bearish crossover.
However, its Relative Strength Index (RSI) entered the oversold zone. This may set off shopping for strain, which, in flip, may end up in a value rise within the coming days.
In reality, Coinglass’ knowledge revealed that MEW’s Open Interest dropped together with its value, additional indicating a doable pattern reversal.
Source: TradingView
While there have been possibilities for MEW’s value to show bullish, that wasn’t the case with POPCAT. Its RSI registered a downtick from the impartial mark.
This advised that the meme coin’s value may decline additional earlier than it rebounds.
Realistic or not, right here’s MEW’s market cap in BTC’s phrases
Its MACD additionally displayed a bearish benefit available in the market. Though these cat-based meme cash may witness a value decline, their explosive progress has made them a scorching subject of debate within the crypto area.
How quickly they will get well from their recent losses will probably be attention-grabbing to control.
Source: TradingView
