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- CAT showed a strong bullish bias after rising nearly 50% in one day.
- Volume indicators have shown steady buying pressure in recent weeks despite a consolidation at $0.00004.
Simon’s cat (CAT) had a big rally on December 16th. On this day, the stock price soared 48.6% and trading volume soared more than 10 times. This indicates high enthusiasm for buying the breakout meme coin.
However, CAT faced some difficulties in convincingly breaking above the local resistance zone at $0.000063. On this day, it broke an all-time high of $0.000068, but the bulls failed to defend the previous high as support.
How deep will Simon’s cat cryptocurrency go back?
Source: CAT/USDT on TradingView
The Simon’s cat cryptocurrency broke a three-month high in November but has fallen 75% of the $0.00004 support zone. This level was tested several times, forming another range that extended to the local high at $0.000063.
Monday’s daily close hit a new range high and sets up a strong bullish case for CAT over the coming days. Retracements over the past 24 hours have seen the Simon’s Cat cryptocurrency revert to $0.000055 and $0.000052 local supports.
The daily RSI, which had been in bearish territory, moved higher on Sunday, reflecting the change in sentiment. OBV has been trending upward since late October and this trend has not stopped yet. Continued buying pressure is likely to push prices higher in the coming weeks.
The surge in open interest reflects a change in sentiment.
Source: Coin Analysis
On December 16, trading volume surged significantly, with open interest also jumping from $18 million to $54 million. The funding ratio also increased from 0.028 to 0.036.
Realistic or not, CAT’s market cap in BTC terms is:
However, this was not as high as in early December, and the atmosphere was not one-sided. Additional profits can be expected after a short-term retracement towards $0.000055.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.