BNB-based Meme Coin Palu has been gaining popularity following today’s list on Binance. The announcement sparked a wave of purchasing pressure that pushed the token to the highest ever.
Technical indicators showing sustained bullish momentum will allow Pal to get back on track to reach fresh record levels in the coming days.
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Pal hits record highs after a nod from CZ
Beincrypto today reported that Palu, a community-driven meme mascot token, has won the Binance list. The token originally portrayed traction after Binance founder Changpeng Zhao (CZ), which featured CZ-themed Palmascots.
These developments have resulted in a surge in Pal’s trading activity, reaching an all-time high of $0.0956 early today.
On X (formerly Twitter), analysts actively share posts about Palu’s explosive rise. One notable post from user Chinapumprocket suggested that the rapid rise in tokens is driven in part by the accumulation of whales.
“The whales are in! Do they know what?” X user quized.
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Meme Coin Palu flashes bullish signals
On daily charts, meme assets trade above the 20-day index moving average (EMA). At press, this important momentum forms dynamic support below $0.0066, below the price of Pal.
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The 20-day EMA measures the average price of assets over the last 20 days, giving more weight to recent prices.
When a token trades above this threshold, it shows bullish sentiment as buyers are intervening to maintain consistent upward pressure.
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For Pal, maintaining that position above the 20-day EMA ensures that momentum remains on the buyer’s side. If this structure is maintained, Pal can extend its profits.
Additionally, the Meme Coin’s Moving Average Convergence Divergence (MACD) indicator setup confirms an enhanced bullish bias.
During pressing, the Palu’s MacD line (blue) is placed above the signal line (orange), but the size of the green histogram bar has increased. This indicates an increase in purchasing activity.
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MACD indicators identify trends and momentum in price movement. This helps traders find potential purchase or sale signals through a crossover between the MACD line and the signal line.
Like Meme Coin, if the MACD line is above the signal line, it indicates a lower sales pressure and an increased buyer strength.
Is Pal running out of steam or gearing for another breakout?
Historically, rapid price surges that follow the main list are often followed by short-term retraces. However, if Pal maintains the current trend, it could break the immediate resistance at $0.0751 and revisit the peak.
However, there is still a risk of profit. In this scenario, Pal’s price could reduce recent profits and fall to $0.0591.
