MEW experienced a significant surge, climbing as much as 20% after it emerged from a prolonged downtrend, coinciding with its introduction on Binance Alpha.
On April 2, MEW achieved an intraday peak of $0.311, marking its highest point in six weeks and representing a 40% rise from its weekly lows. At that time, its market capitalization stood at $272 million, and its daily trading volume saw a considerable increase, reaching $176 million — doubling from the previous day.
Interest from derivatives traders in MEW has also escalated. Data from CoinGlass indicates a 40% jump in open interest within the last 24 hours, which was reported to be over $45 million. Additionally, the weighted funding rate shifted from -0.0076% to 0.0017%, implying a growing bullish sentiment among traders.
The rally followed MEW’s listing on Binance Alpha, an initiative within the Binance ecosystem designed to support new and experimental tokens. Though not a full-fledged exchange listing, Binance Alpha offers early-stage projects essential visibility and liquidity. Successful performance on this platform could potentially lead to a listing on Binance’s primary exchange.
With strong anticipation of a potential listing on the world’s leading crypto exchange, sentiment around MEW has turned largely positive, with the cat-themed memecoin trending on social media platforms.
Traders are optimistic that MEW’s upward momentum may continue. Pseudo-anonymous trader Livercoin suggests that MEW could rise to $0.0033 and beyond, given it has successfully breached the $0.0030 resistance level. Another trader, gemxbt, has set a slightly more ambitious target of $0.0035.
Examining the price dynamics further, technical indicators lean toward a bullish perspective. On the daily USDT price chart, MEW has broken out of a falling wedge pattern formed over the previous four months. Such a breakout is typically viewed as highly bullish, often leading to sustained price increases in the future.
The Bull Bear Power metric has shown an upward trend since March 21, indicating that buyers are regaining control and pushing sellers aside. Moreover, the Chaikin Money Flow index remains in positive territory, signaling that buying pressure exceeds selling, a sign that supports ongoing strength.
In light of these factors, the next target for MEW appears to be the psychological resistance level of $0.004. A successful breach of this level could drive the price toward its yearly peak of $0.007.
This article is for educational purposes only and does not constitute investment advice.
