MEW Price Declines Ahead of International Cat Day

This week, on August 8th, cat lovers and cryptocurrency enthusiasts will celebrate International Cat Day. This event coincides with a dip in interest in meme coins

As the world prepares to celebrate International Cat Day on August 8th, the price of MEW, a cryptocurrency inspired by the "cat-in-a-doge-meme," has experienced a significant drop, reflecting the broader bearish market trend.

With cat-themed meme coins experiencing a decline in interest, MEW's price has dropped by 27% during European business hours, reaching $0.003715 at the time of reporting. The coin's highest price for the day was $0.00522, while the lowest was $0.003488 amidst market fluctuations.

MEW's all-time high was recorded four months ago on March 31, 2024, when it traded at $0.01034. However, since then, the token has experienced a decline, dropping by 62.94% to its current value.

As MEW's price continues to decrease, it could potentially break through the critical support level at $0.0036, leading to a further drop to $0.0035. If the bearish momentum intensifies, the price could fall even lower to $0.0032, marking a significant decrease from its current value.

Technical indicators on the 4-hour MEW/USDT chart suggest a bearish trend. The Relative Strength Index (RSI) is currently at 21.26, indicating oversold conditions. This could result in a potential reversal or further downward movement if the selling pressure persists.

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