The MEW token gained significant value after its listing on Binance Alpha, leading to increased interest from traders and a positive impact on market indicators.
MEW Token Surge Post-Listing
The MEW token hit an intraday high of $0.311 on April 2, marking its highest level in six weeks and about 40% above its weekly lows. Its market cap was seated at $272 million, while its daily trading volume doubled to $176 million. This growth was majorly influenced by its listing on Binance Alpha, serving as a launchpad for further success.
Market and Traders' Reaction
Open interest for MEW shot up by 40%, reaching over $45 million, with a noticeable shift in funding dynamics showing increased optimism. The positive social sentiment surrounding MEW has grown, fueling expectations of a potential listing on Binance’s main exchange.
Technical Analysis and Forecasts
Technical indicators favor a bullish outlook. On the 1-day price chart, MEW has broken out of a falling wedge pattern formed over the past 4 months. The Bull Bear Power indicator has risen, suggesting bulls are gaining control. The CMF index is also in the green, indicating more buying pressure. The next target is the $0.004 psychological resistance level, which could push it towards its yearly high of $0.007.
The MEW token's surge following its Binance Alpha listing has shown a strong market momentum. Positive technical indicators and favorable conditions create potential for further value increase.
