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The Simon’s Cat price fell 3% in the last 24 hours to trade at $0.00002264 as of 06:00 a.m. EST on trading volume that plunged 40% to $55 million.
Simon’s Cat Price Prediction: CAT Gears Up Towards A Breakout
Immediately after launch the Simon’s Cat price plunged from the $0.00002577 resistance to the $0.00001782 support and back to the resistance, forming a rounding bottom pattern. The bears then invalidated the bullish prospects of the pattern, pushing CAT back to the support level and back up.
Price movements within this range formed a double bottom pattern, which could suggest that the price is still set for a bullish move in the coming days. CAT now trades in a consolidation phase between the $0.00002136 and $0.00002533 range, as the bulls aim for a breakout.
CATUSD Chart Analysis (Source: GeckoTerminal)
The price of Simon’s Cat now trades slightly above the 50-day Simple Moving Average (SMA), which suggests a looming bullish stance above the range.
Furthermore, the Relative Strength Index (RSI) is rebounding from below the 50-midline level as it moves up, which shows that buying pressure is building well at this level.
If the buying picks up at this point, the price of Simon’s cat could soar, as the bulls target $0.000030.
However, a converse scenario is also possible since the Simon’s Cat price seems to be in equilibrium. If the bears take control of the price, CAT could plunge back to the $0.00001782, support which acts as a formidable support level.
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