CASHCAT Gains 50% as Trading Activity Surges Across Markets

Cash Cat (CASHCAT), the memecoin deployed on Robinhood Chain, has jumped more than 50% in the past 24 hours, rising from a daily low of $0.1166 to a high of $0.1796. The token briefly touched $0.18 before falling back, according to CoinMarketCap data.

The latest move adds to a strong monthly gain for CASHCAT. The token is up about 77% over the past week and more than 222% over the past month, according to CoinMarketCap data. The gains follow a sharp decline earlier in August. Trading activity has also jumped by around $258.63% to around $76.57 million, increasing its market capitalization by over 56% to over $180 million in just 24 hours.

Activity in the futures market also accelerated. According to CoinGlass data (on August 24 at 00: 46 IST), open interest rose 115% to about $41.49 million, while futures trading volume jumped 516% to about $145 million. 

CASHCAT recovers after early-month drop

The latest rally contrasts with CASHCAT’s performance last week, when the memecoin lost 11% in a single day and more than 20% over seven days. At the time, CryptoTimes reported that the token was trading around $0.1008 after a sharp fall from its August high. 

The memecoin recovery started early this month when CASHCAT was trading around $0.08 to $0.09 after losing roughly 60% from its all-time high. Its market capitalization was then around $85 million to $90 million. Despite the fall, some large investors continued to buy the token. 

On-chain tracking accounts, including Lookonchain, reported that a newly created wallet spent about 424 ETH, worth around $791,000 at the time, to buy more than 13 million CASHCAT tokens. The wallet then showed unrealized gains of more than $100,000.

CASHCAT breaks above key resistance

The CASHCAT four-hour chart via TradingView shows the token breaking above a key resistance level that had been keeping its price down for a while. At around 12:00 p.m. UTC, the memecoin surged with strong momentum, clearing key resistance via a single expansion candle. 

The move pushed CASHCAT past $0.18 to trade around $0.1877 (peaking near $0.1933), triggering a structural Change of Character (CHoCH) at $0.1698 and establishing a fresh Break of Structure (BOS) above $0.1900.

The current price action suggests that price could continue to surge for the time being. Moreover, the Relative Strength Index (RSI) is at 72.15, which means that price might continue to surge if momentum continues. However, the price is approaching an overbought level, which is often an area that most traders see as an opportunity to take out their profit.

If selling pressure emerges, the recently broken resistance area could become a potential support level. However, price direction will depend on subsequent buying and selling activity.

Also Read: MON Token Surges 44% in a Week as Monad TVL Approaches $1B