The Cetus Protocol token went parabolic on Wednesday, reaching its all-time high and bringing its market cap to over $90 million. It jumped to an intraday high of $0.40, up over 940% from its lowest level this year.
Cetus Protocol rallies after Binance listing
Cetus Protocol token continued soaring on Wednesday after Binance said that it would list it with a seed tag on November 6. The listing will coincide with that of $COW, the token for the CoW Protocol, which also jumped by over 71%.
Cryptocurrency prices often do well after being listed by a tier-1 exchange like Binance, Coinbase, and OKX. The Binance listing will give it access to millions of customers from around the world. It came a few days after its perpetual futures were listed in Kraken.
For starters, Cetus Protocol has become one of the biggest players in the DeFi industry. It is a decentralized exchange with over $197 million in total value locked (TVL). It has also helped propel Sui into the seventh-biggest layer 1 network for decentralized exchanges.
Cetus handled over $153 million in assets in the last 24 hours and $914 million in the last seven days. This makes it the biggest DEX in the Sui network. It is followed far by other networks like Turbos, DeepBook, and Krita. Its total trading volume crossed the $15 billion mark recently.
Cetus has done well because of the soaring volume of meme coins in the ecosystem. Some of the most notable meme coins in the ecosystem are Hippo, Blub, AAA, and Fratt.
Read more: Sui Price Analysis: How High Can This Solana Rival Reach?
Cetus Protocol price analysis
The daily chart shows that the CETUS token has gone parabolic and formed a God Candle. It has crossed the important resistance level at $0.2345, its highest swing on October 12, and the upper side of the double-top pattern.
Cetus has remained above the 50-day and 100-day moving averages, while the MACD and the Relative Strength Index (RSI) have all pointed upwards. They have all moved to the overbought level.
Therefore, the token will likely retreat and retest the support at $0.2345 as the Binance listing momentum fades. Such a move is a process known as a break and retest pattern, which is a popular sign of a continuation, meaning that it will bounce back.
