Following its listing on Binance earlier today, the BNB-based meme coin PALU has experienced a surge in popularity. This announcement triggered significant buying activity, driving the token to an all-time high.
Technical indicators suggest that PALU could potentially reach new record levels in the upcoming days, given the sustained bullish momentum.
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PALU Hits Record High After CZ’s Nod
Reports from BeInCrypto earlier today revealed that PALU, a community-focused meme token, has been officially listed on Binance. The token gained traction after Binance’s founder, Changpeng Zhao (CZ), shared fan-created artwork featuring a CZ-themed PALU mascot.
This influx of attention has led to a dramatic increase in PALU’s trading volume, with the token reaching a peak of $0.0956 earlier in the day.
On X (formerly Twitter), analysts have been sharing insights about PALU’s rapid rise. One notable tweet from Chinapumprocket highlighted that whale accumulation may be a key factor in the token’s swift climb.
“Whales are in! They’re knowing something???” the X user asked.
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Meme Coin PALU Flashes Bullish Signals
On the daily chart, the meme asset is trading above its 20-day Exponential Moving Average (EMA), indicating ongoing demand and positive price momentum. Currently, this important support level sits beneath PALU’s price at $0.0066.
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The 20-day EMA reflects an asset’s average price over the last 20 trading days, emphasizing more recent prices.
When trading above this threshold, it signifies bullish sentiment, with buyers continually stepping in to maintain upward pressure.
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For PALU, solidifying its position above the 20-day EMA suggests that buyer momentum remains intact. If this structure holds, PALU could extend its upward movement.
Additionally, the setup of the meme coin’s Moving Average Convergence Divergence (MACD) indicator confirms a bolstered bullish bias.
At this moment, PALU’s MACD line (blue) sits above the signal line (orange), and the green histogram bars have increased, indicating that buying activity is rising.
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The MACD indicator assesses trends and momentum in price actions, assisting traders in identifying potential buy or sell signals via crossovers between the MACD and signal lines.
In the case of the meme coin, when the MACD line is above the signal line, it suggests diminishing selling pressure and increasing buying strength.
Is PALU Running Out of Steam or Gearing for Another Breakout?
Historically, significant price spikes following major listings are often succeeded by short-term retracements. However, if PALU can maintain its current trend, it may break through its immediate resistance at $0.0751 and revisit its peak.
Nonetheless, the potential for profit-taking exists. In such a scenario, PALU’s price could retreat from recent highs and drop to $0.0591.
