- POPCAT’s on-chain metrics and technical analysis hint that bulls are dominating the asset.
- Its Open Interest increased by 3.9% over the last 24 hours, indicating growing interest among traders.
As a seasoned researcher with a knack for deciphering market trends and analyzing on-chain metrics, I must admit that POPCAT is one of the most intriguing assets I’ve come across lately. It’s a rollercoaster ride, but one that keeps me on my toes!
The meme coin, Popcat (POPCAT), built on the Solana blockchain, is causing a stir in the crypto world due to its strong showing.
Over the last few days, I’ve noticed a slow pickup in momentum for me, mirroring the price adjustments of prominent cryptos such as Bitcoin (BTC) and Ethereum (ETH).
POPCAT looks bullish
At the current moment, POPCAT exhibited optimistic signs. This was due to the formation of a bullish double-bottom pattern in its daily price chart, suggesting a potential uptrend.
Following a significant increase of more than 35% within only three days, the stock market symbol POPCAT has retreated back to its initial price level. Notably, this level has seen a substantial uptick in the past and is currently showing signs of forming a bullish trend, hinting at potential further price increases.
Given its past price trends, if POPCAT stays above $1.1735, it’s quite likely that it might surge by approximately 22%, potentially reaching around $1.50 within the upcoming period.
Conversely, should it not maintain this current level and end the day’s session below the $1.1735 mark, we could see a substantial price drop.
According to Coinglass, a data analysis company specializing in cryptocurrencies, POPCAT’s optimistic forecast is strengthened. Significantly, the Open Interest for this memecoin grew by 3.9% within the past day, suggesting that more traders are showing an increased appetite for POPCAT.
Major liquidation levels
Currently, the key sell and buy prices for POPCAT are approximately $1.168 and $1.259 respectively, as indicated by Coinglass data. It’s worth noting that traders have taken on significant leverage at these price points.
If the current market feelings persist and the value of POPCAT rises to approximately $1.259, it would lead to roughly $2.56 million in short positions being closed out.
Read Popcat’s [POPCAT] Price Prediction 2024–2025
If the sentiment changes and the price falls to $1.168, approximately $4.01 million in long positions will be forced to close.
By merging these blockchain statistics with traditional analysis techniques, it seems that at the moment, buyers are in control of this asset. This could potentially cause a chain reaction where short-sellers are forced to exit their positions, resulting in a strong price surge over the next few days.
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2024-10-18 03:35