- Upbit to launch MEW trading in Bitcoin and USDT markets on September 19, with strict trading restrictions in place.
- MEW trading volume surged by 230%, pushing its RSI to 85, signalling potential overbought conditions and a possible short-term correction.
- MEW is the fourth-largest meme coin on Solana, boasting a $480M market cap, gaining attention despite strict Upbit trading limits.
The biggest cryptocurrency exchange in South Korea, Upbit, will expand the markets for MEW, a meme coin that was initially available on the Solana network. Mew will soon be traded on Upbit against Tether (USDT) and Bitcoin (BTC), with trading capability beginning on September 19, 2024. With its listing on multiple exchanges, including OKX, Bybit, and KuCoin, MEW has advanced with this announcement.
Trading Restrictions and Caution Advised
The exchange has set restrictions to ensure orderly trading. Buy orders will be restricted for five minutes after trading starts, and sell orders 10% below the previous day’s closing price will also face restrictions.
Additionally, market and reserved orders will be restricted for an hour after trading begins. Upbit warned users to exercise caution during these early stages of trading due to limited support for deposits and withdrawals.
Since its introduction in March 2024, the meme currency has gained popularity, especially due to its increasing market capitalization and volume of trades. With a $480 million market valuation, MEW is currently the fourth-largest meme coin on the Solana network. MEW’s trade volume increased by 230% in a single day to $144 million.
MEW’s Relative Strength Index (RSI) shot to 85 from 22 the day before, indicating that the stock is now overbought due to the abrupt increase in demand. This indicates a possible pullback even if it also shows strong bullish momentum.
Technical Analysis: Caution Amidst Bullish Momentum
Based on technical analysis, the price of MEW broke above its Exponential Moving Average (EMA) with a 50-period moving average, suggesting that positive momentum may continue. Traders should exercise caution, though, as the token is getting close to overbought levels, with the RSI at 72.44 right now. Considering the recent price increase, this may cause a brief decline.
Source: Tradingview
MEW’s debut on Upbit offers traders new opportunities, but risks remain, especially in the overheated market. Besides, with strict trading restrictions and rapid price movements, caution is advised.
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