MICHI Leads the Gains Among the Top 300 Cryptocurrencies 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%.

Michi (MICHI) price soared over 15% on Nov. 4 after it secured a listing on Gate.io, the world’s eighth-largest crypto exchange by volume.

The Solana (SOL)-based meme coin has rallied over 32.8% in the past seven days after kicking off the week at $0.137. Its market cap surpassed $184 million, with a daily trading volume of about $16.8 million, according to CoinGecko.

After a stellar performance last week that saw smart money investors driving up demand for MICHI, several market commentators suggested that Binance, the world’s largest crypto exchange, could be considering listing MICHI on its platform.

If Binance does decide to list MICHI, it could provide a further boost to the meme coin’s ongoing rally, given the exchange’s massive user base and liquidity.

MICHI price performance vs. top 298 altcoins. Source: Santiment

Interestingly, MICHI price action deviated from the broader market trend on Nov. 4, as Bitcoin (BTC) price dropped to an intra-day low of $67,569, down from its weekly high of $73,295.

The dip in Bitcoin’s price came as the odds of Republican presidential nominee Donald Trump winning the U.S. election fell to 56.7%, down from 66.9% on Oct. 30, according to data from betting platform Polymarket.

Meanwhile, the number of MICHI holders has also been rising since late October. Data from Solscan showed that over 38,900 investors now hold the meme coin, up from 36,561 on Oct. 32, as reported by crypto.news.

In other news, a community member observed that smart money investors, defined as those holding at least 10k tokens, picked up more than 4.43 million MICHI tokens in the past 24 hours.

The investment is valued at over $1.48 million based on current prices. Last week, a similar trend was observed with multiple whale addresses dollar-cost averaging into the meme coin.

Relative Strength Index (RSI) on the 1-day MICHI/USDT chart showed strong bullish sentiment at 60. An Average Directional Index (ADX) of 33 also indicated a strong trend, which could lead to further gains for the meme coin in the short term.

Moreover, MICHI was positioned above the middle Bollinger Band at $0.3079 as it approached 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.

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