The price of Cats in Dogs World has plummeted by 37% in the past 24 hours, trading at $0.004517. Investors have been selling the cat-themed meme coin, causing the price to fall.
Despite the recent price drop, the cryptocurrency remains in the black over the longer term. After gaining 37% in the past week, MEW is up more than 1,55% in the past month.
The price of Cats in a Dog's World has formed a bearish channel.
MEW/USDT 4-hour chart (Source: TradingView)
The price of Cats in Dogs World has printed a series of lower lows and lower highs on the 4-hour chart over the past 48 hours, resulting in the formation of a short-term descending price channel. Although this indicates the presence of bearish momentum, zooming in on the 4-hour chart of MEW shows that the meme coin has been in a medium-term consolidation period. The cryptocurrency has been fluctuating between $0.00443297 and $0.00939548 over the past few days.
After the latest decline, the Cats in Dogs World price is currently trading at the lower border of the sideways channel. If history repeats itself, the altcoin could bounce off this position over the next 12 hours. This could then lead the memecoin to $0.00939548 before attempting to reach new all-time highs.
However, if it breaks below $0.00443297, the memecoin could fall further in the near term. If traders continue to apply selling pressure on MEW, it could drop to $0.00242344 in the next 24-48 hours.
There is a risk that the price of "Cats in a Dog's World" will fall further.
Technical indicators on the 4-hour chart of MEW suggest that the price of Cats in a Dog’s World could continue to fall over the next 24 hours. On the 4-hour chart, both the Moving Average Convergence/Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signals.
The MACD line is gradually opening a gap with the MACD signal line. Since the former is below the latter, this could indicate that the bearish momentum in MEW has not shown signs of weakening yet. Meanwhile, the RSI is declining sharply, breaking below its simple moving average (SMA). Traders tend to view this as a sign that sellers have the upper hand over buyers and are getting stronger.
With Cats in a Dog’s World still controlled by the sell side, many investors are turning their attention to Solana memecoin competitor Smog for potentially explosive gains as the token’s developers hint at a listing on a higher-tier exchange.
Solana Memecoin with 10x Potential
Solana memecoin has been a hot topic in the cryptocurrency space lately, with new tokens bringing impressive returns to investors. New entrant Smog quickly caught the attention of the crypto community with what its team called “the greatest airdrop ever.”
One to rule all memecoins!
Get ready for the greatest airdrop ever, distributed using Solana.
Join SMOG on Zealy!
Link in profile
pic.twitter.com/vsn4p5cSF4
– SMOG (@SMOGToken)
February 8, 2024
So far, the campaign has had the desired effect, with 110,000 wallets holding the memecoin when the first season of airdrops ended on April 3.
Keeping the positive momentum going, the Smog team recently announced that the cryptocurrency received its first listing on MEXC, the 11th largest cryptocurrency exchange by daily trading volume.
Investors generally react positively to a listing because it exposes the cryptocurrency to a wider group of traders, which can lead to significant price increases in the short to medium term.
For example, other SOL meme coins Dogwifhat (WIF) and Book of Meme (BOME) saw their prices surge rapidly after the listing announcement.
This has driven investors around Smog crazy because not only is it the Solana memecoin, it is also the latest SOL memecoin to be listed on an exchange.
Excellent speculative opportunity with additional airdrop rewards
Smog is not only a great speculative trading opportunity, as its second season of massive airdrops has already begun. This could result in double returns for investors who buy the memecoin now.
Unlike the first season, which focused on completing Zealy tasks to determine each investor's airdrop share, the second season will emphasize on-chain and trading activities. The Zealy leaderboard has also been reset to provide every participant with an equal opportunity to rank at the top.
For investors who want to invest directly in memecoins, Smog can be purchased on its website. Buyers can use ETH, USDT or bank cards to obtain cryptocurrencies. An annualized yield of 42% is also provided to investors who purchase and stake Smog tokens.
Buy Smog at a discount of 10% on the project's official website.
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