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MEW, a cat-themed memecoin, has rallied by as much as 20% after breaking out of its multi-month downtrend, following its recent listing on Binance Alpha. The token reached an intraday high of $0.311 on April 2, marking its highest level in six weeks and a 40% increase from its weekly lows.

At the time of reporting, MEW’s market capitalization stood at $272 million, while its daily trading volume surged to $176 million, doubling within the past day. The token has also seen a notable rise in demand among derivatives traders, with open interest jumping 40% in the last 24 hours, totaling over $45 million. Additionally, the weighted funding rate shifted from -0.0076% to 0.0017%, indicating a growing bullish sentiment among traders.

Binance Alpha Listing Boosts MEW

MEW’s recent rally was catalyzed by its listing on Binance Alpha, a platform within the Binance ecosystem that focuses on emerging and experimental tokens. While not a full-fledged exchange listing, Binance Alpha provides exposure and liquidity for early-stage projects. Successful performance on this platform could potentially pave the way for a listing on Binance’s main exchange, fueling increased interest in the token.

The community has been largely optimistic about the possibility of a full Binance listing. As a result, the weighted social sentiment for MEW has turned positive, with the token trending on social media platforms. This growing excitement has further driven the token’s momentum.

Short-Term Price Predictions

Traders are speculating that MEW may have additional room to grow in the short term. According to a pseudonymous trader, Livercoin, MEW could rally to $0.0033 and potentially higher after retesting the key resistance level of $0.0030. Another trader, Gemxbt, has set a slightly higher target at $0.0035.

Technical Analysis: Bullish Indicators

Technical indicators currently support a bullish outlook for MEW. On its 1-day USDT price chart, the token has broken out of a falling wedge pattern that had been forming over the past four months. In technical analysis, a breakout from such a pattern is often regarded as a positive signal, suggesting the potential for sustained gains.

The Bull Bear Power (BBP) indicator has been rising since March 21, signaling that bulls are regaining control and sidelining bearish pressure. Moreover, the Chaikin Money Flow (CMF) index is in positive territory, pointing to stronger buying pressure compared to selling activity. These indicators collectively suggest that MEW’s upward momentum may continue.

Looking ahead, the next key target for MEW is the $0.004 psychological resistance level. A successful break above this level could push the token toward its yearly high of $0.007, further solidifying its bullish trajectory.

“A break above the $0.004 resistance could set the stage for MEW to test its yearly highs,” analysts suggest.

Disclosure: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency investments carry risk, and readers are encouraged to conduct their own research before making any investment decisions.

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