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

Simon’s Cat, the fast-growing meme coin on the BNB Smart Chain, formed a God candle, soaring to its highest level since Oct. 1.

Simon’s Cat (CAT) rose to $0.000037, 70% higher than its lowest level this month. It has increased by 2,230% since its launch in August, bringing its market capitalization to $224 million.

The token surged after being listed by Binance Futures, giving it access to millions of customers worldwide.

Before the Binance listing, CAT’s perpetual futures were offered by companies like Bybit, OKX, Gate.io, and MEXC. According to Coinglass, its futures open interest rose to a record high of $6.6 million, a figure expected to rise further with Binance’s inclusion.

Simon’s Cat has also benefited from a partnership with MemeFi, a leading gaming platform on Telegram with over 50 million users. This partnership may lead to the creation of a new game, giving the token additional utility.

The token’s rally has attracted more investors as the fear of missing out trend grows. Data shows that the number of CAT holders has risen to over 231,000, up from 224,000 on Oct. 21. The top ten holders own 56% of the total supply.

This rebound has helped the BNB Chain become the fourth-largest decentralized exchange player by volume this month, with a monthly volume of $16.2 billion, most of it on PancakeSwap.

Other meme coins were among the best-performing cryptocurrencies, with Popcat (POPCAT), Fwog, and Cat in a dogs world (MEW) rising by double digits.

Simon’s Cat formed a double-bottom pattern

CAT token chart | Source: TradingView

The CAT token formed a double-bottom pattern at $0.000023, a bullish indicator. This led to the formation of a God candle, a sudden bullish candlestick, pushing the price above the double-bottom’s neckline at $0.00003237, its highest swing on Oct. 15.

The token has moved above the 50-period moving average, while the MACD indicator crossed above the zero line. It also retested the second resistance of the Woodie pivot point and the key level at $0.000034, its highest on Oct. 7.

Therefore, CAT’s price may pull back as the momentum from the Binance listing fades. If this happens, it could retreat to retest the first Woodie resistance point at $0.000030, before resuming its bullish trend. In the future, it could rise to its all-time high of $0.000046, about 32% above the current level.