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

Simon’s Cat, the rapidly growing meme coin on the BNB Smart Chain, experienced a significant rally, forming a “God candle” as it surged to its highest level since October 1.

The token rose to $0.000037, marking a 70% increase from its lowest point this month. Since its launch in August, Simon’s Cat has skyrocketed by 2,230%, pushing its market capitalization to $224 million.

The surge came after Simon’s Cat was listed on Binance Futures, providing it with exposure to millions of customers globally, which contributed to the rapid price increase.

Before Simon’s Cat (CAT) was listed on Binance, its perpetual futures were already offered by platforms like Bybit, OKX, Gate.io, and MEXC. According to Coinglass, the token’s futures open interest reached a record high of $6.6 million, a figure expected to climb even further with the inclusion of Binance Futures.

The token has also benefited from a strategic partnership with MemeFi, a prominent gaming platform on Telegram with over 50 million users. This collaboration could lead to the development of a new game, adding further utility to Simon’s Cat and potentially expanding its user base.

The token’s recent rally has sparked a growing “fear of missing out” (FOMO) trend, attracting more investors. Data shows the number of CAT holders has increased to over 231,000, up from 224,000 on October 21. However, the top ten holders still control 56% of the total supply.

This surge in activity has also contributed to the BNB Chain’s rise as the fourth-largest decentralized exchange (DEX) player by volume this month, with a total volume of $16.2 billion, most of which was traded on PancakeSwap.

Other meme coins have also performed well, with Popcat, Fwog, and Cat in a Dog’s World all experiencing double-digit gains, reflecting the broader meme coin rally.

Simon’s Cat formed a double-bottom pattern

The CAT token formed a double-bottom pattern at $0.000023, a bullish chart formation that suggests a potential upward reversal. This pattern led to the formation of a “God candle”—a sharp, bullish candlestick—driving the price above the double-bottom neckline at $0.00003237, its highest point since October 15.

The token is now trading above the 50-period moving average, with the MACD indicator crossing above the zero line, further confirming the bullish momentum. It has also retested the second resistance level of the Woodie pivot point at $0.000034, which was its highest price on October 7.

However, the price may experience a pullback as the initial momentum from the Binance listing starts to fade. If this happens, CAT could retrace to test the first Woodie resistance point at $0.000030 before continuing its upward trajectory. Looking ahead, the token could potentially reach its all-time high of $0.000046, which represents a 32% increase from the current price.