Here’s why Simon’s Cat meme coin formed a God candle

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As a seasoned researcher with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself captivated by the meteoric rise of Simon’s Cat (CAT) on the BNB Smart Chain. The token’s ascent to its highest level since October, fueled by a God candle and a robust partnership with MemeFi, has been nothing short of remarkable.

On the Binance Smart Chain, the popular meme token known as Simon’s Cat reached new heights, forming what’s known as a “God candle,” propelling it to its peak price point since October 1st.

Simon’s Cat (CAT) soared up to $0.000037, representing a 70% rise compared to its lowest point this month. It has experienced an impressive surge of 2,230% since its debut in August, resulting in a market capitalization of approximately $224 million.

Following its listing on Binance Futures, the token experienced a significant increase due to the expanded reach to countless users globally.

As an analyst, I am excited to announce that starting from October 21, 2024, at 12:30 (UTC), Binance Futures will introduce a USDⓈ-Margined CAT Perpetual Contract. For those interested, more details can be found by clicking the link provided.

— Binance Futures (@BinanceFutures) October 21, 2024

Prior to being listed on Binance, CAT’s perpetual futures contracts were available through platforms such as Bybit, OKX, Gate.io, and MEXC. As reported by Coinglass, the open interest for these futures reached a new peak of $6.6 million. This number is anticipated to increase even more with Binance joining the mix.

As a fortunate crypto investor, I’ve seen the rewards that come from Simon’s Cat teaming up with MemeFi – a dynamic gaming powerhouse on Telegram boasting over 50 million enthusiastic users. This strategic alliance could very well pave the way for a fresh, engaging game, thereby expanding the token’s functionality in exciting new ways.

Investor interest in this token is surging due to the increasing FOMO (Fear of Missing Out) sentiment, as evidenced by the growing number of CAT holders. From October 21st, the count has climbed from 224,000 to over 231,000. Interestingly, the top ten holders collectively control approximately 56% of the total supply.

This bounceback has propelled Binance Smart Chain into being the fourth-biggest contender in the decentralized exchange market this month, handling approximately $16.2 billion in transactions, with the majority occurring on PancakeSwap.

In recent times, several meme-based cryptocurrencies have shown remarkable growth, with Popcat (POPCAT), Fwog, and Cat among dogs (MEW) experiencing increases of more than ten percent.

Simon’s Cat formed a double-bottom pattern

The CAT token formed a double-bottom pattern at $0.000023, a bullish indicator. This led to the formation of a God candle, a sudden bullish candlestick, pushing the price above the double-bottom’s neckline at $0.00003237, its highest swing on Oct. 15.

The token’s position has risen beyond the 50-day moving average, and the MACD line has climbed above zero. Additionally, it tested the secondary resistance of the Woodie pivot point and a crucial level at $0.000034 – its peak from October 7.

Consequently, due to the waning impact of CAT’s Binance listing, there’s a possibility that its price might retreat temporarily. This potential pullback could lead it to retest the initial Woodie resistance at $0.000030. However, if the bullish trend resumes, it may eventually reach its previous all-time high of $0.000046, which is roughly 32% higher than its current value.

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2024-10-21 18:08