CASHCAT had been on a strong upward momentum. The memecoin reclaimed $0.2 and jumped to a new all time high of $0.237.
As of this writing, CASHCAT was trading around $0.2228, marking a 53% surge on the daily charts. Over the same window, the memecoin’s trading volume climbed 115% to 95.5 million while its market cap rose 53% to $223 million.
The rising volume and market cap indicated strong market participation backed by steady capital inflows. Amid this price surge, holders who have held during difficult times are now enjoying massive profits.
According to Lookonchain, a whale who spent $1.49 million to buy 13.64 million CASHCAT has finally returned to profit.
With the price rising, this whale’s CASHCAT holdings are now worth $2.82 million, sitting on an unrealized profit of $1.3 million.
What’s behind CASHCAT’s ongoing rally?
Amid this market pump, CASHCAT buyers have shown greater determination across the Spot and derivatives markets.
On the Spot side, buyers have dominated the market for four consecutive days. According to Coinalyze data, CASHCAT recorded 39.8 million in buy volume over the past 24 hours compared to 35.3 million.
As a result, the buy-sell delta rose to 4.5 million, a trend that has held for the past few days. On the derivatives side, speculative activity currently remains elevated.
According to CoinGlass data, Open Interest climbed 96.64% to $60.14 million while the derivatives volume rose 299% to $232 million.
Rising volume and OI in tandem reflect strong market participation, with traders opening new positions.
Meanwhile, the Long/Short Ratio rose above 1 to 1.016. The ratio holding above 1 suggested that traders opened long positions betting for the uptrend to continue.
Historically strong market demand during an uptrend has strengthened the trend and often leads to more gains.
Can the memecoin sustain these gains?
Despite the rising profitability, CASHCAT’s uptrend remains strong. In fact, the memecoin’s Relative Strength Index (RSI) formed a bullish crossover and surged to 71.
At these levels, RSI showed strong buyer dominance. Likewise, the MACD also surged to 0.0096, further confirming this trend strength.
Under such circumstances, CASHCAT is well positioned to continue with the trend. If demand holds, the memecoin is likely to flip its ATH at $0.23 and target $0.25 in the short term.
To hold this bullish outlook, the memecoin needs a daily close above $0.22. However, if holders decide to cash out these gains, especially whales with unrealized gains, CASHCAT will drop to $0.16.
Final Summary
- A whale’s 13.6 million CASHCAT holdings have flipped from losses to profits, rising to $2.82 million, sitting on an unrealized profit of $1.3 million.
- CASHCATÂ cleared the $0.2 resistance and surged 53% to a new all-time high of $0.238
