The post Here’s Why Binance Roots for Simon’s Cat, Will CAT Price Hit $0.000050? appeared first on Coinpedia Fintech News
The Simon’s Cat meme coin has a market cap of $213 million and has maintained an uptrend since its inception. Further, the recent victory in a Binance Challenge, the meme coin, teases long-term growth ahead for CAT price.
Despite the optimistic trend ahead, are you wondering why Binance chose CAT as the winner in a DOG-themed dominated meme coin space? Find out now in our price analysis what potential targets for Simon’s Cat are ahead.
CAT Price Performance
With a bullish trend since inception, the Simon’s Cat meme coin price has increased by more than 2,000%, with a listing price of $0.000001390. The current price of Simon’s Cat is at $0.00003173, with a massive uptrend in the 4-hour chart.
The CAT price action reveals a higher high formation, taking support from the 50-day EMA. Currently, the pullback to the 50-day EMA avoids a drop to a fresh support trendline of a rising channel pattern. With minor consolidation near the 50-day EMA and an intraday gain of 2.29%, CAT price prepares for a bounce back.
Further, the pullback comes as a retest of the $0.000030 breakout, and a post-retest reversal is likely to challenge the overhead trend line near the all-time high of $0.00003594. Meanwhile, the bearish influence over the MACD and signal line subsides with the declining intensity of the MACD histograms.
Hence, the possibility of a bullish crossover in the MACD and signal line is on the rise.
Why Binance Hails Simon’s Cat as the Next Big MEME?
Binance recently selected Simon’s Cat as the winner of the “Meme Heroes” competition, boosting the CAT price. The decision was based on the strong connection of Simon’s cat with meme culture and its large, engaged, and growing fanbase.
As a popular animated series, Simon’s Cat has a unique appeal and is an ideal candidate to boost Web3. As Binance values the ability of meme coins to attract fresh users, Simon’s Cat fits Binance’s strategy perfectly.
Additionally, Simon’s Cat met Binance’s key criteria for sustainability, including locking 100% of LP liquidity for a year. The year-long locking phase ensures balanced token ownership.
With $900,000 in LP support, the project has strong financial backing. Hence, Binance’s main motive in picking Simon’s Cat is to boost Web3 and support the CAT price with real utility for long-term growth.
Will the CAT Price hit $0.000050?
Based on the ongoing rally, the chances of the overhead trendline breakout are high as the demand for CAT grows. Based on the CAT price trend and psychological price movements, a breakout run is likely to hit the $0.000050 mark if it exceeds the $0.00003594 peak.
Curious about the future of the biggest meme coin, DOGE? Check the potential 2024 now, in our DOGE price prediction.