MICHI leads top 300 altcoins with 15% rally following CEX listing

On November 4, MICHI led the gains among the top 300 cryptocurrencies, defying the overall market downtrend. The Solana-based meme coin surged over 15% in just one day, bringing its weekly increase to 32.8%. Its market capitalization surpassed $184 million, with a daily trading volume of approximately $16.8 million at the time of writing.

The recent rally of 18.71% for MICHI was largely attributed to its new listing on the crypto exchange Gate.io, where the MICHI/USDT trading pair became available on November 4. Listings on prominent centralized exchanges like Gate.io are often seen as bullish signals by traders, generating excitement and driving prices up as they seek to take advantage of community momentum.

Additionally, a community member reported that smart money investors holding at least 10,000 tokens acquired over 4.43 million MICHI tokens within the past 24 hours, amounting to an investment of more than $1.48 million at current prices. Last week, similar buying behavior was observed among multiple whale addresses, which were dollar-cost averaging into the meme coin.

With significant interest from large traders and smart money investors, many market analysts speculate that Binance, the world’s largest crypto exchange, may soon consider listing MICHI, potentially fueling its ongoing rally even further.

Meanwhile, the number of MICHI holders has been increasing since late October. According to data from Solscan, the count of investors holding the meme coin rose to over 38,900, up from 36,561 on October 30, as reported by pinetbox.com.

Analyst MURAD highlighted another positive aspect for MICHI on X, sharing a chart that identified it as the leading decentralized meme coin in terms of holder distribution. This even distribution of tokens suggests that no single entity has enough power to significantly sway the market, which mitigates concerns about volatility should a major holder decide to sell.

In contrast, MICHI has diverged from the performance of the top 298 altcoins, which followed Bitcoin’s dip to an intra-day low of $67,569, down from its weekly high of $73,295.

Bitcoin’s price decline coincided with a decrease in the likelihood of Republican presidential nominee Donald Trump winning the U.S. elections, which fell to 56.7% from 66.9% on October 30, according to data from betting platform Polymarket.

What’s next for MICHI?

On the 1-day MICHI/USDT chart, a Relative Strength Index (RSI) of 60 and an Average Directional Index (ADX) of 33 suggest strong bullish sentiment, indicating the potential for further gains for the meme coin in the short term.

MICHI is currently trading above the middle Bollinger Band at $0.3079 and is approaching the upper Bollinger Band at $0.3804. A break above the upper Bollinger Band at $0.3814 could propel the meme coin to retest its all-time high of $0.497, representing a potential increase of over 42% from its current levels.

If a price reversal occurs from current levels, the immediate support level will be at $0.3083, with the next support level following at $0.2350.