cat in a dogs world [MEW] risks pullback: All you need to know

Key Points

1. MEW's price surged 22% to a 2-month high of $0.004 before retracing slightly to $0.0039, with trading volume increasing by 522.9% to $284 million.

2. Futures trading played a significant role in the rally, with Open Interest rising 57% to $48.36 million and Derivatives Volume surging 695% to $358 million.

3. Exchange Netflow turned positive, indicating profit-taking by investors, with a $500k increase to $1.57 million at press time.

4. Buying pressure initially dominated on July 16th (13.09 million tokens bought), but sellers outpaced buyers on July 17th (31.36 million tokens sold), leading to a negative Sell-Buy Delta of 7.42 million.

5. Technical indicators like Stochastic RSI (92) suggest MEW is overbought, while the Directional Movement Index (DMI) at 52 indicates potential continued buying pressure.