Coinworld.com reports:
Simon’s Cat cryptocurrency shows strong bullish momentum and trading volume
The meme coin has reached a two-month high in terms of divergence and may experience a pullback
Simon’s Cat
has seen a significant rebound this week. Since mid-September, Meme Coin has been trading within a range. On October 21, Binance announced that the token would be listed on its derivatives market.
At the time of writing, the trading price of CAT is only 6.4% lower than the range high. However, there is a divergence between price and momentum. Will Simon’s Cat cryptocurrency experience a deep pullback?
Signs of excessive tension
The range (in purple) has expanded from $0.0000236 to $0.0000466. The midpoint of this range, $0.000035, has served as both support and resistance over the past two months.
The Money Flow Index, sometimes referred to as the volume-weighted RSI, combines volume and price data. The oscillator has formed lower highs over the past two days while the price has surged.
This is a bearish divergence, indicating that the price may soon pullback. Given its proximity to the range high, it is likely to be rejected at the $0.0000466 level.
If rejected, the support levels at $0.000038 and $0.000035 may provide a good buying opportunity.
Open interest and funding rate trends
While the price of Simon’s Cat cryptocurrency has almost doubled since Monday, open interest has increased by about 500%. It was $6.7 million on the 21st and is now $36 million at the time of writing.
Read more
Simon’s Cat [CAT] Price Prediction
2024-25
However, in the past 48 hours, the funding rate has cooled down. This indicates that the bullish sentiment is losing the strength it showed earlier this week.
Overall, the market sentiment remains bullish, but there is a possibility of a pullback to the mid-range level.
Disclaimer: The information provided does not constitute financial, investment, trading, or any other type of advice and only represents the opinion of the author.
What lies behind the surge of Simons Cat cryptocurrency which rose 12 in a day and 86 in three years
Related Posts
Add A Comment
© 2024 Bull Run Flash All rights reserved.