The Simon’s Cat token, one of the leading coins in the Binance Smart Chain ecosystem, reached its all-time high after developers received an investment.
Simon’s cat (CAT) soared to an all-time high of $0.000060, pushing its market cap to over $351 million. This rally aligned with the general performance of cryptocurrencies as the Cryptocurrency Fear and Greed Index increased.
CAT’s jump follows a series of positive developments in the ecosystem, including a strategic liquidity investment to support its expansion into other trading platforms. This investment will also allow developers to launch their own blockchain in the short term.
Unicornverse, a major player in the crypto industry, has provided liquidity to other popular assets such as Shiba Inu, Baby Doge, Ponke, and Mobox.
Additionally, the Simon’s Cat token surged after developers partnered with several exchanges, including Uphold, BitPanda, and KrakenPro. Most of its trading volume occurred on OKX, KuCoin and BitMart.
With its trading volume increasing, it is likely to be listed on Binance, the largest exchange in the industry. Typically, cryptocurrencies perform well shortly after a major stock exchange listing.
The other potential catalyst for this coin is the recent Election of Donald Trump in the United States, which could introduce friendly regulations. One of the impacts is that US exchanges like Robinhood, Gemini and Coinbase will be open for its listing.
Simon’s Cat price to swing to $0.000060
The daily chart reveals that the CAT token price has been increasing for the last three consecutive days, reaching an all-time high of $0.000060. It is up over 4,200% from its lowest level this year, making it one of the best performing coins.
It toppled the important resistance level at $0.000046, its September 21 high, and remains above the 25-day moving average.
More importantly, it formed a cup and handle pattern, a popular bullish sign, which explains the bullish breakout.
Therefore, Simon’s Cat price will likely continue to rise as long as the bulls breach the important resistance level at $0.000060. If this happens, the next point to watch will be at $0.00010, which represents a 66.7% increase from the current level. On the other hand, a decline below the key support at $0.000045 would invalidate the bullish view.