MEW surges 20% after Binance Alpha listing, sparking positive sentiment and expectations of continued growth - IcoHolder.

MEW saw a significant rally, soaring as high as 20% following its breakout from a multi-month downtrend. The surge followed its recent listing on Binance Alpha, a platform within the Binance ecosystem known for offering early-stage tokens exposure and liquidity. On April 2, MEW hit an intraday high of $0.311, its highest level in six weeks, marking a 40% gain from its weekly lows. Its market capitalization stood at $272 million, with daily trading volume doubling to $176 million.

The rally has sparked increased demand among derivatives traders. Open interest surged by 40% in just 24 hours, reaching over $45 million, while the weighted funding rate turned positive, indicating a shift in sentiment toward a more bullish outlook. MEW’s listing on Binance Alpha, although not a full exchange listing, has piqued community interest, as the strong performance on the platform may set the stage for a future listing on Binance’s main exchange.

With traders now anticipating further price action, the sentiment surrounding MEW has turned largely positive. The cat-themed memecoin has even been trending on social media, further bolstering its momentum. Some traders predict MEW could continue its upward trajectory, with price targets ranging from $0.0033 to $0.0035, having successfully retested key resistance levels.

Technical analysis supports this optimistic outlook. The token has recently broken out of a falling wedge pattern on its 1-day price chart, which is typically a bullish signal. Indicators such as the Bull Bear Power and the Chaikin Money Flow suggest that buying pressure is on the rise, reinforcing the expectation of sustained growth. If MEW can clear the $0.004 resistance level, it could head toward its yearly high of $0.007, marking another milestone in its recovery.