Date: Wed, Oct 23, 2024, 11:52 AM GMT
The cryptocurrency market is no stranger to volatility, and today is no exception. With Bitcoin (BTC) dipping close to $66K, many major memecoins like PEPE and WIF are feeling the pressure and sliding downward. However, two Solana-based memecoins, Cat in a Dog's World (MEW) and Book of Meme (BOME), have defied the trend, showing impressive momentum and gains in the last 24 hours despite the market's overall downturn.
Source: Coinmarketcap
Cat in a Dog’s World (MEW)
Cat in a Dog’s World (MEW) has surged by almost 5% today, bringing its total growth over the past 30 days to a remarkable 87%. The key to MEW’s recent rally was a breakout on October 11, when it shattered a downtrend at the $0.0061 level, sparking a 50% rally to its current price of $0.009355.
$MEW has since successfully retested its resistance level at $0.01039 after revisiting the support level of $0.0089. Now, all eyes are on MEW as it sets its sights on reclaiming the $0.01039 level, which was its previous all-time high. If it can break through this resistance, MEW could see an 11% gain from its current price.
Book of Meme (BOME)
Book of Meme (BOME) is another standout performer in the Solana memecoin space. Over the past 30 days, $BOME has grown by 35%, and today, it’s gaining bullish traction after breaking out of a symmetrical triangle formation on the 1-hour timeframe at the $0.0089 price level. BOME is now retesting that breakout, currently trading at $0.008954.
If BOME can maintain its bullish momentum, it could aim for its next significant resistance at $0.001137, which would represent a further 25% gain from its current price.
Conclusion
Despite the broader market downturn, Solana-based memecoins Cat in a Dog's World (MEW) and Book of Meme (BOME) have shown remarkable resilience and strong bullish momentum. MEW’s impressive 87% gain in the past month, along with BOME’s steady 35% rise, highlight the potential of these tokens to outperform during uncertain market conditions. As both memecoins approach key resistance levels, traders are watching closely to see if they can maintain this upward trajectory and achieve new highs.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.
