Mew Rises Over 30% Today! Find Out Why!

MEW has seen an impressive 31% surge today after launching on popular trading platform Robinhood for crypto and shares.

According to reports, MEW, the project that stands out in the cryptocurrency world, rose to a four-month high of $0,0047 on May 23, taking its market cap above $400 million.

MEW's trading activity has seen accelerated growth this week, with trading volume rising from $40 million on Wednesday to $70 million on Thursday, before skyrocketing more than 370% to $315 million on Friday.

The catalysts behind the rise

What has triggered this spectacular rally? Four main factors can be identified.

First of all, the biggest catalyst is the new listing on Robinhood. MEW recently became tradable for US users, adding both visibility and credibility. Along with the Solana-based memecoin Moo Deng (MOODENG), which also gained 25% in the past 24 hours, this listing has attracted the attention of new investors. A listing on a major platform like Robinhood often acts as a seal of quality and encourages new investors to flock to it.

In addition, MEW attended the Licensing Expo in Las Vegas, the world’s largest licensing trade show. Held annually at the Mandalay Bay Convention Center, the show brings together leaders and developers of global intellectual property. For MEW, the expo provided an opportunity to introduce itself to a whole new group of potential partners and consumers, which may have fueled the optimistic mood among traders.

A third factor is the recent announcement of a new partnership with Cuberium, a blockchain-based GameFi platform known for its tower defense games and meme token integrations. While details are still pending, this teaser has contributed to the growing hype surrounding MEW.

Finally, the derivatives market is showing strong bullish signals. Open interest in MEW futures increased by 121% in the past 24 hours, reaching a five-month high of $72 million. On Binance, the long/short ratio is well above 1, indicating that most traders are positioning themselves for further gains. The overall market situation also supports this, with Bitcoin which recently reached a new record, positively influencing sentiment across the sector.

Outlook for MEW

Technically, MEW seems well positioned to continue its current rally. On the daily chart against USDT, MEW appears to be forming a so-called 'round bottom' pattern, which often points to longer-term gains. The MACD lines are pointing upwards, and the Supertrend indicator has recently turned green; both are signs of a bullish trend.

So, is it possible that MEW will continue to rise in the coming days? The trend remains strong, but RSI levels approaching 84 could indicate an overheated market preparing for a short correction.

However, a high RSI does not always mean an immediate reversal. During strong uptrends, assets can remain overbought for a long time while still rising. Should the buying pressure subside, a pullback to the $0,0030 level would not be unusual.

“Sometimes you have to weather the storm to see the sun shine again!”

Frequently Asked Questions

What caused the recent rise in MEW?
MEW's recent rise has been largely driven by its listing on Robinhood, where it is now tradable for US users, and its participation in the Licensing Expo in Las Vegas.

What is the outlook for MEW?
Technically, things are looking good for MEW. It seems to be forming a bullish pattern that could point to further gains on the way, although some pullback is possible due to overheating.

How does the broader market situation affect MEW?
The positive sentiment in the broader crypto market, thanks in part to Bitcoin's rise, could support MEW and attract new investors.