MEW Token Surges Nearly 20% Following Binance Alpha Listing

MEW token has experienced a significant rally, rising by as much as 20% after its listing on Binance Alpha, breaking out of its multi-month downtrend. The token reached an intraday high of $0.311 on April 2, marking its highest level in six weeks, and reflecting a 40% increase from its recent weekly lows. At press time, MEW’s market capitalization stood at $272 million, with its daily trading volume surging to $176 million.

The rally was sparked by MEW’s listing on Binance Alpha, a platform within the Binance ecosystem designed to provide exposure and liquidity to emerging tokens. Although not a full exchange listing, Binance Alpha acts as a launchpad for new projects, allowing them to gain traction before potentially being listed on Binance’s main exchange. The listing on Binance Alpha has created anticipation among the community, with traders now speculating that MEW could soon be listed on Binance’s main platform.

This excitement has led to increased activity from derivatives traders as well. According to data from CoinGlass, MEW’s open interest surged by 40% in the past 24 hours, reaching over $45 million. Additionally, the weighted funding rate, which flipped from negative to positive, suggests that traders are becoming more bullish on the token.

The token’s popularity on social media has also risen, with MEW trending on X (formerly Twitter). The growing positive sentiment has further fueled the bullish outlook, with traders expecting continued upward momentum in the short-term. Analysts like Livercoin are predicting that MEW could continue its climb to $0.0033 and above, now that it has broken past the $0.0030 resistance level.

Technical indicators appear to be in favor of the bullish trend. On the 1-day/USDT chart, MEW has broken out of a falling wedge pattern that had been forming for the past four months. In technical analysis, such a breakout is typically considered a bullish signal, indicating the potential for sustained gains.

Additional indicators further support the positive outlook. The Bull Bear Power indicator has been rising since March 21, signaling that bulls are gaining control. Meanwhile, the Chaikin Money Flow (CMF) index is in the green, showing that buying pressure is outweighing selling, which could signal continued strength in MEW’s price movement.

Looking ahead, the next significant resistance level for MEW is the $0.004 mark. If the token can break above this psychological level, it could make a push toward its yearly high of $0.007. Traders and analysts remain optimistic, with some even setting their price targets higher, anticipating further gains as MEW solidifies its position in the market.

The listing on Binance Alpha has breathed new life into MEW, propelling it into a strong bullish trend. With growing trading volume, increased interest from derivatives traders, and positive technical indicators, the token looks set for more upside in the short term. However, the long-term outlook will depend on MEW’s ability to maintain momentum and overcome key resistance levels, especially with the community now hoping for a potential listing on Binance’s main exchange.