MICHI led the gains among the top 300 cryptocurrencies on Nov. 4, deviating from the broader market downtrend.
The Solana-based meme coin jumped over 15% on the last day, bringing its weekly gains to 32.8%. Its market cap hit over $184 million, with a daily trading volume of around $16.8 million at the time of writing.
With significant investments coming from large traders and smart money investors, several market commentators believe that Binance the world’s largest crypto exchange might soon consider listing MICHI on its platform further adding fuel to its ongoing rally. See below.
What’s next for MICHI?
On the 1-day MICHI/USDT chart, a Relative Strength Index of 60 and an Average Directional Index of 33 indicate strong bullish sentiment that could lead to further gains for the meme coin in the short term.
MICHI was also positioned above the middle Bollinger Band 0.3079 as it was inching closer to the upper Bollinger Band at $0.3804. A break above the upper Bollinger band at $0.3814 could push the meme coin to retest its all-time high of $0.497 up a little over 42% from its current levels.
In the event of a price reversal from current levels, $0.3083 will act as the immediate support level, followed by $0.2350 as the next support.