Cash Cat [CASHCAT] has surged 29% in 24 hours to reach a new all-time high of $0.30, marking a significant milestone in the memecoin's recent performance. According to AMBCrypto, the token has extended its weekly gains to over 40% while leading the memecoin sector by daily gains of more than 29%. The unofficial cat meme named after Robinhood's discarded CashCat brand is now the second largest by market cap on the Robinhood Chain, trailing only PONS [PONS]. This rally is part of a broader memecoin gold rush on Robinhood Chain, with the top three coins - PONS, CASHCAT, and AI - having market caps exceeding $280 million and outweighing the fourth-ranked STONKBROKER by over 8x.
Short liquidations have significantly amplified CASHCAT's gains, with over $611K in short positions liquidated in recent hours. As reported by AMBCrypto, over $377K in short orders was wiped out in under an hour, demonstrating the strength of bullish sentiment. The memecoin is drawing liquidity from other cat-themed memecoins on other chains, such as BASECAT, which has a market cap of only $25 million - more than 10 times smaller than CASHCAT's $287 million. The token has also outpaced OG cat memes like POPCAT, whose market cap is at $49 million. The Bull Bear Power indicator shows bulls remain active, with the reading reinforcing that bulls were still present even during recent red candle sessions.
According to AMBCrypto's technical analysis, CASHCAT exhibited strong upside pressure after reclaiming its 9-day and 21-day Moving Averages, signaling continued bullish pressure. The Relative Strength Index [RSI] formed a bullish crossover and moved deeper into bullish territory at 65, reflecting buyers' growing market dominance. However, the Bollinger Bands show the price is currently trading in an overvalued zone, with the asset rallying toward the upper Bollinger Band, represented by the red line, which historically has triggered increased volatility. The Bull Bear Power indicator shows bulls remain active, with the reading reinforcing that bulls were still present even during recent red candle sessions. The new peak came after a week of consolidation between $0.17 and the previous high of $0.2592, with the next demand zone at $0.217-$0.225 defined by the MA Cross indicator for the 20-day and 50-day MAs.
The Cash Cat perpetual market has remained bullish with continued capital flows supporting the rally. As reported by AMBCrypto, over the past 24 hours, the market recorded roughly $360,700 in netflow following $8.86 million in flow into perpetual contracts. The Open Interest-Weighted Funding Rate currently stands at 0.0630%, showing that traders have concentrated significant capital in long positions. This trend suggests traders may continue funding their long positions as they anticipate further gains in the near term, with the funding rate having surged from 0.0080% in early August 30th to its current level of 0.0630%. The trendline and horizontal support at $0.17 may act as more resilient support levels than those from MAs, with the price potentially dropping to these zones but losing $0.17 may shift the market structure to bearish.
According to AMBCrypto's analysis, CASHCAT remains bullish as strong bull power and positive perpetual flows support the ongoing rally, with the token positioned to potentially flip $0.25 and target another all-time high. However, the price approaching the upper Bollinger Band raises the risk of a pullback despite strong bullish momentum. The RSI at 65 and holding above both Moving Averages could support sustained momentum, while the Long/Short Ratio above 1.0016 indicates growing preference for long positions. However, another rejection could push the memecoin below $0.20, bringing the $0.16 support into focus. The consolidation around highs with sufficient momentum often hints at continuation, with bulls holding on to the coin's strength and the last area of their defense against bearish control at $0.16.
