Broccoli Meme Coin Surges 50% After Binance Launches Support

CZ's Dog (BROCCOLI) surged 50% after Binance launched BROCCOLI-related trading pairs.

Binance also opened community voting for nine meme coins, including two BROCCOLI tokens.

According to Bollinger Band analysis, BROCCOLI faces resistance at $0.059 and $0.079.

CZ's Dog (BROCCOLI), a meme coin themed after former Binance CEO Changpeng Zhao's dog, has attracted attention from the cryptocurrency community after receiving strong support from the leading exchange.

The token's value has risen by more than 50% in the past day and is currently trading at $0.04827, having previously reached a daily high of $0.07596. However, despite the recent gains, BROCCOLI is still 82.95% below its all-time high of $0.2851, CoinMarketCap data shows.

BINANCE IMPACT ON BROCCOLI RISE

Brocoli prices surged recently as Binance announced that it will list multiple USD-margined perpetual contracts, including BROCCOLI-related trading pairs.

The newly launched contracts are designed to enhance liquidity and trading opportunities by offering up to 25x leverage.

Binance said that the launch of these contracts is to expand trading options and improve user experience. Due to Binance's strong influence on market sentiment, the announcement triggered significant bullish momentum for listed tokens, especially meme tokens like BROCCOLI.

Community Voting

Binance also opened community voting for potential token listings, allowing users to choose two out of nine meme tokens, including two BROCCOLI tokens. The voting process will play a key role in determining which meme tokens will receive further exposure on the exchange's main platform.

Other candidates include Mubarak, BANANAS31, BID, KOMA, SIREN, TUT, and WHY.

Two of the nine tokens will be officially listed on Binance. Considering the exchange has a 24-hour trading volume of $22.9 billion, CZ's Dog is likely to have a large investor base.

Broccoli Price Analysis

From a technical perspective, the hourly chart for BROCCOLI suggests that traders should keep an eye on the Relative Strength Index (RSI) and Bollinger Bands (BB) for potential price targets.

The RSI recently entered the overbought zone and is currently experiencing a sharp correction before further price volatility. The Bollinger Bands indicate volatility with resistance at $0.059 and $0.079.

On the 4-hour chart, the Fibonacci Extension provides key price levels. The 1.618 Fibonacci Extension at $0.02326 suggests a possible support area if the price pulls back further. Conversely, resistance could be found around $0.07596, which aligns with recent highs.