CZ’s Dog (BROCCOLI) has shot up a massive 50% in the past 24 hours after Binance announced listing of BROCCOLI-related trading pairs.
By Parth Dubey
Updated
2 mins read
CZ’s Dog (BROCCOLI), a meme coin themed after Binance’s former CEO, Changpeng Zhao’s dog, has captured the crypto community’s attention following a significant backing from the leading exchange.
The coin jumped over 50% in value in the past day, currently trading at $0.04827, after reaching a daily high of $0.07596. However, despite its recent gains, BROCCOLI remains 82.95% below its all-time high of $0.2851, CoinMarketCap data shows.
The recent spike in BROCCOLI’s price follows Binance’s announcement that it would be listing multiple USD-margined perpetual contracts, including BROCCOLI-related trading pairs.
The newly introduced contracts aim to enhance liquidity and trading opportunities by offering up to 25x leverage. The newly listed cryptocurrencies include:
Binance stated that these contracts were introduced to expand trading options and improve the user experience. With Binance’s strong influence on market sentiment, the announcement triggered a significant bullish momentum across the listed tokens, particularly meme coins like BROCCOLI.
Binance also opened community voting for potential token listings, allowing users to choose two out of nine meme coins, including two BROCCOLI tokens. The voting process will play a crucial role in determining which meme coins receive further exposure on the exchange’s main platform.
The other candidates include Mubarak, BANANAS31, BID, KOMA, SIREN, TUT, and WHY.
Two out of these nine tokens will receive an official Binance listing. Considering that the exchange has a 24-hour trading volume of $22.9 billion, CZ’s Dog could witness a massive investor base.
From a technical perspective, BROCCOLI’s hourly chart suggests that traders should pay attention to the Relative Strength Index (RSI) and Bollinger Bands (BB) for potential price targets.
The RSI recently entered the overbought zone, and is currently undergoing a massive correction before further price movements. The Bollinger Bands suggest volatility, with resistance levels at $0.059 and $0.079.
On the 4-hour chart, Fibonacci extensions provide key price levels. The 1.618 Fib extension sits at $0.02326, indicating a possible support zone if the price corrects further. Conversely, resistance levels could be found near $0.07596, which aligns with the recent high.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.