MEW experienced a surge of up to 20% after breaking free from a prolonged downtrend, following its debut on Binance Alpha.
The token reached an intraday peak of $0.311 on April 2, marking its highest value in six weeks and approximately 40% above its weekly lows. Its market capitalization stood at $272 million, and the daily trading volume saw a substantial increase, hitting $176 million, double that of the previous day.
Interest among derivatives traders has also surged. Data reveals that open interest for MEW rose by 40% in the last 24 hours, surpassing $45 million at the time of reporting. Additionally, the weighted funding rate shifted from -0.0076% yesterday to 0.0017% today, indicating a growing number of traders adopting a bullish outlook.
MEW’s ascent followed its listing on Binance Alpha, a segment of the Binance ecosystem designed as a launchpad for up-and-coming and experimental tokens.
While it isn’t a full exchange listing, being on Binance Alpha provides early-stage projects with essential exposure and liquidity, and strong performance there can set the stage for a potential listing on Binance’s main exchange.
As the community anticipates a possible listing on the world’s largest cryptocurrency exchange, the social sentiment around MEW has turned notably positive, with the cat-themed memecoin trending on X at the time of this update.
Traders believe MEW still has potential for further gains in the short term. According to the pseudo-anonymous trader Livercoin, MEW could continue its upward movement to $0.0033 and potentially higher now that it has reclaimed the $0.0030 key resistance level.
Another trader, gemxbt, has set a slightly higher target of $0.0035.
MEW Price Analysis
Technical indicators appear to support the bullish sentiment.
On the daily USDT price chart, MEW has broken out of a falling wedge pattern that formed over the past four months. Such a breakout is considered highly bullish in technical analysis and may lead to long-term gains.
The Bull Bear Power indicator has been on the rise since March 21, suggesting that bulls are regaining control and pushing bears to the sidelines. Moreover, the Chaikin Money Flow index is in the green, indicating that buying pressure surpasses selling, which signals continued strength.
Thus, the next substantial target for MEW seems to be the psychological resistance level at $0.004, with a breakthrough there potentially leading towards its yearly peak of $0.007.
Disclosure: This article does not constitute investment advice. The content and materials presented on this page are intended for educational purposes only.