Could PALU Be the Next Breakout BNB Meme Coin?
BNB-based meme coin PALU has surged in reputation following its itemizing on Binance earlier in the present day. The announcement sparked a wave of shopping for stress that propelled the token to an all-time high.
With technical indicators displaying sustained bullish momentum, PALU could possibly be on observe to hit recent file ranges in the coming days.
PALU Hits Record High After CZ’s Nod
BeInCrypto reported earlier today that PALU, a community-driven meme mascot token, has gained a list on Binance. The token initially drew traction after Binance founder Changpeng Zhao (CZ) reposted fan paintings that includes a CZ-themed PALU mascot.
These developments have sparked a surge in PALU’s buying and selling exercise, pushing it to an all-time high of $0.0956 earlier in the present day.
On X (previously Twitter), analysts have been actively sharing posts about PALU’s explosive rise. One notable submit from person Chinapumprocket urged that the token’s fast ascent is partly pushed by whale accumulation.
“Whales are in! They’re figuring out one thing???” the X person quizzed.
Meme Coin PALU Flashes Bullish Signals
On the every day chart, the meme asset trades above its 20-day Exponential Moving Average (EMA), a sign of ongoing demand and constructive worth momentum. At press time, this key momentum types dynamic support below the PALU’s worth at $0.0066.
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The 20-day EMA measures an asset’s common worth over the previous 20 buying and selling days, giving extra weight to latest costs.
When a token trades above this threshold, it signifies bullish sentiment, as consumers are persistently stepping in to maintain upward stress.
For PALU, sustaining its place above the 20-day EMA confirms that momentum stays on the consumers’ aspect. If this construction holds, PALU may lengthen its good points.
Moreover, the setup of the meme coin’s Moving Average Convergence Divergence (MACD) indicator confirms the strengthening bullish bias.
At press time, PALU’s MACD line (blue) rests above the sign line (orange), whereas the inexperienced histogram bars have grown in dimension — an indication that purchasing exercise is growing.
The MACD indicator identifies tendencies and momentum in its worth motion. It helps merchants spot potential purchase or promote indicators via crossovers between the MACD and sign strains.
As with the meme coin, when the MACD line rests above the sign line, it indicators declining promoting stress and rising buy-side power.
Is PALU Running Out of Steam or Gearing for Another Breakout?
Historically, fast worth spikes following main listings are sometimes adopted by short-term retracements. But if PALU maintains its present pattern, it may breach its fast resistance at $0.0751 and revisit its peak.
However, the threat of profit-taking stays. In this state of affairs, PALU’s worth may shed latest good points and tumble to $0.0591.
The submit Could PALU Be the Next Breakout BNB Meme Coin? appeared first on BeInCrypto.