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Simon’s Cat (CAT) has been trending, and traders have spotted a bull flag pattern on its 1-day chart, signaling the potential for continued price gains.
On October 21, the meme coin surged from $0.000024 to $0.000035, forming a flagpole with a large green candle. Following this rise, the token pulled back to $0.000034, creating the flag, which suggests the possibility of a continuation of the uptrend if the pattern breaks out. According to trader Zak, a breakout from this bull flag could push the price higher.
Mr. Albert, another trader, observed that CAT had been consolidating between October 23 and 26 within a tight range of $0.000038 to $0.000044, finding solid support above $0.000033. A breakout above this consolidation zone could signal further upward momentum in the short term.
Over the last 7 days, CAT has surged by 37.6%, increasing its market cap from $166 million on October 21 to $233 million at the time of writing. This rise was accompanied by a spike in daily trading volume, surpassing $60 million.
The recent OKX listing has fueled optimism, with increased buying activity noted among investors. Pseudonymous trader Crypto Bull disclosed a $250,000 purchase of CAT, and another whale bought $26,000 worth of the coin post-listing. Additionally, the number of addresses holding CAT increased from 231,676 on October 21 to 235,666 on October 28, indicating growing investor interest.
Despite the positive price action, technical indicators suggest that the bullish trend may be losing momentum. The Relative Strength Index (RSI) dropped from overbought levels of 66 on October 23 to a neutral 54, indicating a potential slowdown. The MACD also supports this view, with the MACD line crossing below the signal line and the histogram decreasing, suggesting that the price may experience consolidation or slight downward movement in the short term unless new buying interest emerges.
In conclusion, while the bullish pattern on Simon’s Cat looks promising, technical signals indicate that the trend might lose steam in the short term, and a breakout above the consolidation range could be the key for further upside potential.
