Binance Listing Boosts TUT, Up 200%: Will the Bullish Trend Continue?

The cryptocurrency TUT experienced a significant surge of up to 235% today following its successful community vote for listing on the Binance exchange.

Based on data from crypto.news, Tutorial (TUT) climbed from $0.0167 to an all-time high of $0.0564 during the day before settling at $0.0396 in the afternoon in Asia. This rally resulted in weekly gains of approximately 2,600%, making TUT one of the top-performing altcoins during this period.

The increase was supported by substantial trading activity, with blockchain data revealing a 600% rise in daily volume, which surpassed $189 million. TUT's market cap was estimated at $38.5 million. Derivatives traders also showed interest, with CoinGlass reporting a 400% rise in open interest for TUT futures, totaling $73.59 million at the time of writing.

The recent gains were primarily driven by community excitement after TUT was listed on Binance. It was selected in the first round of the exchange's "Vote to List" campaign, along with other memecoins such as Mubarak (MUBARAK), CZ's Dog (BROCCOLI714), and Banana For Scale (BANANAS31).

As per the platform's official announcement, the memecoins, exempt from a listing fee, can now be traded against USDT and USDC pairs, with withdrawals becoming available on March 28 at 21:00 UTC. A seed tag has been assigned to them.

Traders are currently split on the future outlook. Some predict a sell-off may occur, which is common after a major exchange listing, particularly since the hype often influences the price before the listing goes live.

As stated by crypto.news, after being listed on KuCoin, Gate.io, and Bitget on March 20, TUT surged over 330% to reach an all-time high of $0.057. However, the rally was short-lived, and within 24 hours, the token lost nearly half its value as early buyers took profits.

Despite this, not everyone is pessimistic. Technical analysts like gemxbt_agent have identified a bullish trend in the charts.

According to their March 27 X post, TUT recently broke out of a consolidation pattern and potentially formed a double-bottom reversal. Key support was identified around $0.03, with potential upside targets between $0.06 and $0.065.

TUT price analysis

On the 4-hour chart (TUT/USDT), the price recently formed a God candle followed by a few red candles, which usually indicates some selling pressure following the pump.

However, the Supertrend indicator just turned green and is positioned above the price, suggesting that the bullish momentum is still ongoing. This could potentially lead to another price increase.

The MACD is also showing strength, with the MACD line crossing above the signal line. Additionally, the Chaikin Money Flow is displaying a positive reading, indicating that fresh capital is continuing to flow into TUT.

Meanwhile, the RSI has slightly cooled down, dropping to around 60 after reaching overbought levels. This suggests that selling pressure may be decreasing, giving bulls more opportunity to regain control.

If the momentum continues, TUT could attempt to reach the $0.06 resistance level again, the same level it struggled to surpass on March 20.

However, another round of selling might occur before it gets there. According to CoinGlass, TUT's weighted funding rate was negative at press time, indicating that most derivative traders were anticipating a price correction.

Disclosure: This article does not provide investment advice. The content and materials presented on this page are for educational purposes only.