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The Cat in a Dogs World price plunged over 37% in the last 24 hours to trade at $0.004517 as of 8:20 a.m. EST as investors dump their holdings in the feline-themed meme coin.
Despite this recent price drop, the crypto is still in the green on the longer time frames. After posting a 37% weekly gain, MEW is also up more than 155% over the past month.
The Cat In A Dogs World Price Forms A Bearish Channel
4-hour chart for MEW/USDT (Source: TradingView)
The Cat in a Dogs World price printed a series of lower lows and lower highs on the 4-hour chart in the past 48 hours, which has led to the formation of a short-term descending price channel. Although this indicates the presence of bearish momentum, zooming out on MEW’s 4-hour chart shows that the meme coin has been in a medium-term consolidation period. Throughout the past couple of days, the crypto has oscillated between $0.00443297 and $0.00939548.
Following the latest drop, the Cat in a Dogs World price is currently resting on the lower boundary of the sideways channel. If history repeats itself, the altcoin might rebound off of this mark in the coming 12 hours. This could then lead to the meme coin rising towards $0.00939548 before potentially attempting to reach a new all-time high.
However, a dip below $0.00443297 could put the meme coin at risk of falling further in the short term. Should traders continue to exert sell pressure on MEW, it might fall to as low as $0.00242344 in the following 24-48 hours.
The Cat In A Dogs World Price At Risk Of Dropping Further
Technical indicators on MEW’s 4-hour chart suggest the Cat in a Dogs World price could keep dropping in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish on the 4-hour chart.
The MACD line is gradually building a gap between itself and the MACD Signal line. With the former positioned below the latter, this could indicate that MEW’s bearish momentum shows no signs of slowing down just yet. Meanwhile, the RSI is plummeting below its Simple Moving Average (SMA) line. Traders tend to identify this as a signal that sellers have the upper hand against buyers and are growing stronger as well.
As Cat in a Dogs World remains at the mercy of sellers, many investors are shifting their focus to Solana meme coin competitor Smog (SMOG) for potential explosive gains as the token’s developer hints at additional top-tier exchange listings.
A Solana Meme Coin With 10X Potential
Solana meme coins have been a hot topic in the crypto space recently, with new tokens generating whopping returns for investors. New entrant Smog quickly grabbed the crypto community’s attention with what its team refers to as “the greatest airdrop of all time.”
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
The campaign has had the desired effect so far, as 110,000 wallets held the meme coin when season one of the airdrop campaign concluded on Apr. 3.
Looking to keep its positive momentum going, the Smog team recently announced that the crypto scored its first listing on MEXC, the 11th largest crypto exchange by daily trading volume.
Investors usually react positively to an exchange listing because it gives a crypto exposure to a wider pool of traders, which could lead to a substantial price increase in the short to medium term.
Examples of this are other SOL meme coins Dogwifhat (WIF) and Book of Meme (BOME), which both scored a Binance listing. Shortly after the exchange’s announcement, their prices skyrocketed.
This has caused an investor frenzy around Smog, which is not only a Solana meme coin, but is also the latest SOL meme coin to score an exchange listing.
A Great Speculative Opportunity With Added Airdrop Rewards
Smog is not only a good speculative trade opportunity as the second season of its massive airdrop campaign has already commenced. This could potentially result in two-fold rewards for investors who buy the meme coin now.
Unlike the first season that focused on the completion of Zealy quests to determine each investor’s share of the airdrop, the second season will place an emphasis on on-chain and trading activity. The Zealy leaderboards have also been reset, giving each participant an equal opportunity to work their way to the top.
For investors that want to invest directly in the meme coin, Smog can be bought on its website. Buyers can use either use ETH, USDT or bank card to acquire the crypto. There is also a 42% APY being offered to investors who buy and stake their Smog tokens.
Smog can be purchased at a 10% discount on the project’s official website here.
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