- CAT had a strongly bullish bias after gaining nearly 50% in a day.
- The volume indicators showed steady buying pressure in recent weeks despite the consolidation at $0.00004.
As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have witnessed countless bull runs and bear markets. The rapid rise of Simon’s Cat (CAT) on December 16th was a sight to behold, reminding me of the unpredictable nature of this dynamic market.
On December 16th, Simon’s digital pet, or cat (CAT), experienced substantial growth. The price soared by an impressive 48.6% that day, and its trading activity skyrocketed more than tenfold. This significant increase in buying activity suggests a high level of interest in the popular ‘breakout meme coin’.
Despite attempting to surpass the local resistance zone at $0.000063, CAT encountered some difficulties. However, it achieved a new record peak of $0.000068 during the day. Regrettably, the bulls were unable to maintain this level as a support point.
How deep will Simon’s cat crypto retrace?
Simon’s cryptocurrency, which is called ‘cat crypto’, climbed beyond its three-month peak in November, but later dropped down to nearly 75% of its value and reached a support level at $0.00004. It repeatedly tested this support level, resulting in another range that peaked at $0.000063 locally.
On Monday, the closing price exceeded the upper limit of the daily range, suggesting a very optimistic outlook for CAT in the near future. A minor pullback over the last 24 hours might cause Simon’s cat crypto to revert to its temporary support levels around $0.000055 and $0.000052.
As a researcher, I’ve noticed an intriguing development in our market analysis. My daily Relative Strength Index (RSI), which had been lingering in bearish territory, surprisingly spiked up on Sunday, suggesting a significant change in investor sentiment. Moreover, the On-Balance Volume (OBV) has been consistently climbing since late October, and this upward trend shows no signs of slowing down yet. This persistent buying pressure could potentially drive prices even higher over the coming weeks.
Open Interest surge reflects sentiment shift
On the 16th of December, I noticed an impressive increase in trading activity, which coincided with a significant jump in Open Interest, rising from $18 million to a staggering $54 million. Additionally, I saw the funding rate nudging upwards, climbing from 0.028 to 0.036.
Realistic or not, here’s CAT’s market cap in BTC’s terms
Nevertheless, the levels weren’t as elevated compared to early December, and there wasn’t such a clear consensus. Following the temporary downturn around $0.000055, additional growth could be expected.
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2024-12-18 04:07