The post MEW seems a shift in sentiment with uptrend losing momentum appeared on BitcoinEthereumNews.com.

MEW has surged by 47.06% over the past months Analyst and market fundamentals indicate a correction as market sentiment turns bearish Over the past month, Cat in a Dogs World [MEW] has experienced strong upward momentum. Since hitting a monthly low of $0.0046, MEW has been on an upward trajectory. In fact, as of this writing, MEW was trading at $0.01. This marked a 47.06% increase over the past month with an extension to this bullish trend by 16.74% on weekly charts. This prevailing market condition has left analysts deliberating on the memecoin’s future trajectory. While some were optimistic about the current trend, others were pessimistic and saw the trend coming to an end. One of these analysts who sees a potential pullback was Man of Bitcoin, who suggested a correction citing wave 4 of the Elliot wave. Market sentiment In his analysis, Man of Bitcoin posited that MEW was working on wave C of 3 on the upside. Source: XThis meant that the memecoin was in the final phase of the upside. Thus, according to him, MEW was completing the upward movement within wave 3 by forming a peak before wave 4. When the peak of wave 3 forms, the corrective wave 4 usually begins. This implied that the memecoin was set to decline in its price charts. Therefore, a break below the ascending trendline would indicate a shift in market sentiment. This will signal the end of Wave 3 and the start of Wave 4, where the memecoin will see a pullback. Based on this analogy, the memecoin might be getting ready for a pullback even though it’s still in an upward movement. What MEW’s chart says Undoubtedly, the analysis provided above provides caution, pointing out that the memecoin was likely to decline. However, it’s essential to counter-check…

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Filed under: News - @ October 27, 2024 11:02 pm