Here’s why MEW rallied over 30% today

MEW rallied as high as 31% today after securing a listing on popular crypto and stock trading platform Robinhood.

According to crypto.news, cat in a dogs world (MEW) surged to a four-month high of $0.0047 on May 23 Asian time, bringing its market capitalization to over $400 million at the time of writing.

MEW’s trading activity accelerated sharply through the week, with volume climbing from $40 million on Wednesday to $70 million on Thursday, before surging over 370% to $315 million by Friday.

There are four potential catalysts driving MEW’s rally.

First, the biggest catalyst is MEW’s new Robinhood listing, which went live yesterday. It’s now tradable for U.S. users on the platform, adding to its visibility and credibility. MEW was listed alongside fellow Solana-based memecoin Moo Deng (MOODENG), which also saw gains of 25% over the past 24 hours.

Listings on major platforms such as Robinhood often act as a stamp of credibility and attract a wave of new investors.

Second, MEW participated in the Las Vegas Licensing Expo, the world’s largest licensing trade event. Held annually at the Mandalay Bay Convention Center, the expo brings together global IP leaders and brand developers. 

The expo marks a chance for MEW to present itself to an entirely new cohort of potential partners and consumers, a move that may have stirred fresh optimism among traders.

Third, MEW recently teased a new partnership with Cuberium, a blockchain-powered GameFi platform known for its tower defense games and meme-token integrations. While full details haven’t been dropped yet, the teaser alone seems to have added to the hype.

Lastly, the derivatives market is showing signs of strong bullish interest. According to CoinGlass, open interest in MEW futures surged 121% over the past 24 hours, reaching a five-month high of $72 million. On Binance, the long/short ratio remains well above 1, indicating that the majority of traders are positioning for further upside.

The broader market is also supportive, with Bitcoin recently hitting a new all-time high, which has lifted sentiment across the entire sector.

Signs of continuation

From a technical perspective, MEW appears well-positioned for a potential continuation of the ongoing rally.

On the 1-day/USDT price chart, MEW seems to be forming a round bottom pattern, a setup that often signals longer-term gains. The MACD lines are pointing upwards, and the Supertrend indicator just flipped green; both are considered bullish indicators.

So, MEW could likely keep climbing over the next few days. 

While the trend remains strong, RSI levels nearing 84 may hint at an overheated market primed for a brief pullback.

However, a high RSI doesn’t always signal an immediate reversal. During strong uptrends, assets can stay overbought for extended periods while continuing to climb.

Should buying pressure ease, a move back toward the $0.0030 level wouldn’t be unexpected.