Catizen price continued its strong recovery as investors moved back to popular Telegram tokens. CATI token soared for four consecutive days, reaching a high of $0.80, its highest level since September, and 193% above its lowest point this month.
CATI volume and liquidations jump
The Catizen token price gained momentum as volume in the spot and futures market continued rising.
Data shows that the 24-hour volume jumped to $171 million on Monday, up from $77 million a day earlier. This was the highest volume since November 10 and a sign that the token was gaining momentum.
Most of this volume was in Binance, which listed Catizen this month. Binance handled a volume worth $120 million. It was followed by OKX, WhiteBIT, and Bitget. This price action means that other popular exchanges like Coinbase and Kraken will also list it soon.
The surge also led to a surge in short liquidations, which happen when short trades are closed. Short trades worth over $2.4 million were liquidated, the highest figure on record. The previous record was on November 9, when tokens worth $1.68 million were liquidated.
Catizen’s jump also coincided with the recovery of other Telegram tokens like Notcoin and Hamster Kombat. Notcoin jumped to $0.0080, while Hamster Kombat jumped to $0.0044.
For starters, Catizen is one of the top players in the Telegram ecosystem, with over 50 million users. The mini-application allows users to accumulate CATI tokens, which they can claim and exchange for cash.
Read more: Catizen’s CATI Drops Below Key Support: Time to Buy the Dip?
Catizen price analysis
The ongoing Catizen price surge is mostly in line with our previous CATI forecast. In that report, we noted that the coin was forming a falling wedge pattern on the daily chart. This pattern usually results in a strong bullish breakout.
Catizen price has moved above the upper side of this wedge and is slowly gaining momentum. If this rally continues, there is a likelihood that the coin will jump to $1, which is about 30% above the current level. A break above that level will open the chance for the token to hit its all-time high of $1.9, which is 53% above this level.
The ongoing Bitcoin price action is a likely catalyst for the CATI price. While the coin has stalled at $92,000, there are rising odds that it will reach $100k soon, leading to a bullish breakout among other altcoins.
