Cash Cat [CASHCAT] surged to $0.24, largely driven by investors’ bullish outlook.
AMBCrypto previously reported that CASHCAT attracted inflows as investors saw intrinsic value in the memecoin. However, the rally proved short-lived, with CASHCAT falling to $0.18. The memecoin has since recovered, suggesting that level marked a local bottom.
In fact, CASHCAT reclaimed the $0.20 resistance and climbed back to $0.24. At press time, the memecoin traded around $0.23, marking a 14% daily gain.
Meanwhile, Turnover jumped to $2.63 million. Its rise alongside price indicated strong buying activity behind the recovery.
Why are CASHCAT traders returning?
After Cash Cat [CASHCAT] reclaimed $0.20, traders returned strongly to defend the level. That strengthened demand and upside momentum.
Speculative demand also increased across the Derivatives market. Open Interest climbed 36% to $67 million, while Derivatives Volume rose 10.7% to $90.7 million.
Rising Open Interest and Derivatives Volume reflected stronger market participation and fresh capital entering positions.
At the same time, the Long/Short Ratio rose to 1.0016. A reading above one showed a slight preference for long positions.
On top of that, Perpetual Buy Volume reached $16.6 million, while Sell Volume dropped to $15 million. Net Buying remained positive at $7.7 million, while Delta stood near $229,000.
Together, these readings suggested traders were opening new positions. However, growing leverage also raised the cost of another failed breakout.
Can CASHCAT reach a new ATH?
CASHCAT exhibited strong upside pressure after reclaiming its 9-day and 21-day Moving Averages. Holding above both Moving Averages [MAs] signaled continued bullish pressure.
Additionally, the Relative Strength Index [RSI] formed a bullish crossover and moved deeper into bullish territory.
At 65, the RSI reflected buyers’ growing market dominance. These conditions could support the current trend if demand holds.
Therefore, sustained momentum could help CASHCAT flip $0.25 and target another all-time high. However, another rejection could push the memecoin below $0.20, bringing the $0.16 support into focus.
Final Summary
- CASHCAT recovered from $0.18 and reclaimed the $0.20 level. The memecoin gained 14% daily and traded near $0.23.
- Open Interest jumped 36% to $67 million. Derivatives Volume increased 10.7% to $90.7 million.
