CAT Weekly Gains Exceed 37% Amid Bullish Patterns and Increased Investor Interest

Simon’s Cat (CAT) has been trending on Google, experiencing impressive weekly gains of over 37% as a bullish flag pattern has emerged on its daily chart.

Pseudonymous trader Zak highlighted the formation of a bull flag in an X post, noting that CAT surged from $0.000024 to $0.000035 on October 21, creating a significant flagpole with a large green candle. After peaking at $0.000038, the token retraced to $0.000034, forming the characteristic flag. A breakout from this pattern typically signals a continuation of the uptrend, suggesting further price increases could follow.

Consolidation and Potential Breakout

Another trader, Mr. Albert, observed that the meme coin consolidated within a narrow range of $0.000038 to $0.000044 between October 23 and October 26, finding solid support above $0.000033. He indicated that a breakout above this consolidation zone could lead to continued upward momentum in the short term.

As of now, CAT’s market capitalization has risen to $233 million, up from $166 million on October 21. The token's trading volume has also increased, hovering above $60 million at the time of writing. The recent listing of CAT on the crypto exchange OKX has sparked further optimism in the community, driving increased buying activity.

Notable Buying Activity

Prominent pseudonymous trader Crypto Bull recently disclosed a purchase of $250,000 worth of CAT. Additionally, another community member reported that a whale acquired $26,000 in CAT just days after the OKX listing. This surge in buying interest has coincided with a rise in the number of addresses holding the token, increasing from 231,676 on October 21 to 235,666 on October 28 as more investors look to capitalize on its growing popularity.

Technical Indicators and Short-Term Outlook

Despite these positive developments, some technical indicators suggest the bullish momentum may be losing steam. On the 1-day CAT/USDT chart, the Relative Strength Index (RSI) dropped from overbought levels of 66 on October 23 to a neutral 54, indicating a potential waning of the recent bullish trend.

Moreover, the MACD supports a bearish outlook, with the MACD line (orange) crossing below the signal line (blue) and a decreasing histogram. This trend suggests potential consolidation or slight downward movement in the short term unless significant buying interest emerges.

As Simon’s Cat continues to capture investor attention, market participants are keenly watching for developments that could influence its next moves.