Mew coin made remarkable gains in the past 48 hours, making a 30% move on Thursday but unable to hold on and climbing past $0.0058.
MEW’s spot CVD shows a sign of profit-taking activity in the market, which did not bode well for holders.These two levels marked the borders of the $0.006-$0.00633 supply zone, a region that MEW coin bulls have struggled to breach since August.In the past six weeks, the $0.004-$0.00434 zone has acted as a stable support zone. From here, MEW bulls have been able to engineer two rallies.
Consequently, more success is anticipated, but this is not guaranteed. A session close above $0.00633 would be necessary to change the bias bullishly. The RSI was at 78 to show intense upward momentum, and the OBV rocketed higher on the back of elevated buying pressure. Overall, the chances of a continued upward run were good.The positive Funding Rate showed that speculators were eager to go long and capture some profits, as MEW coin made quick gains.It was a sign of profit taking activity in the spot market and did not bode well for holders, since it hinted that sellers did not believe MEW could break the $0.006 resistance zone.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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