- POPCAT hits new ATH amid a sector-wide bull run.
- The memecoin’s strong bullish momentum hints at further upside.
As a seasoned crypto investor with a knack for spotting trends, I find myself intrigued by the recent surge of cat-themed tokens, particularly Popcat [POPCAT]. Having witnessed the rise and fall of various digital assets, I must admit that the memecoin market can be as unpredictable as a housecat on a hot tin roof.
Following dogs and frogs, it’s currently the turn for cats to shine, as the leading cat-related tokens have hit record highs.
On November 13th, POPCAT (POPCAT) achieved its highest point ever at $2, taking the lead. Not far behind, both Feline in Canine Society (MEW) and Mog Coin (MOG) reached new peaks on November 14th.
Bulls dominate the market
On the daily graph, Popcat generally follows an upward trajectory. However, a rebuff at around $1.7 caused a momentary slowdown in bullish energy, causing the price to dip to approximately $1.2 in early November.
In spite of this temporary challenge, the bulls displayed remarkable tenacity by reversing the previous trend to become supportive and also reaching an all-time high (ATH). Currently, POPCAT is being traded at $1.91, with CoinMarketCap reporting a surge in its value over the last 24 hours of more than 30%.
In simpler terms, the technical indicators suggested a positive outlook for the memecoin. The fact that the 50-day Exponential Moving Average (blue) was above the 100-day Exponential Moving Average (yellow) signaled a stronger upward trend overall.
At the moment, a minor drop in the OBV to about 136.753 million suggests that there might be less demand from buyers.
If investors choose to sell, potentially leading to a refusal at the present resistance level of $1.99, the price could encounter backing at the previously resistant level now acting as support, or $1.7.
If the price falls slightly below the 50 Exponential Moving Average (EMA), it could potentially reduce the strength of the upward trend, also known as bullish momentum. If this price drop continues and dips below $1.2, it may cause a change in market sentiment towards the bears, or those who believe prices will fall further.
Despite a Relative Strength Index (RSI) reading of 64.51 suggesting the asset wasn’t yet overbought, there remains the possibility for further growth if the bullish trend continues.
What’s next for POPCAT?
Analysts also expressed strong optimism for the Solana [SOL]-based token.
According to the well-known cryptocurrency expert, Murad, it’s not just a possibility but rather an anticipation that POPCAT could hit $5 in value. He believes it’s built into the system.
He stated,
“Expecting $POPCAT to go ballistic in the coming weeks.”
Reinforcing the optimistic outlook, another analyst by the name of Muro pointed out that POPCAT has recently broken through a falling trend line. This breakthrough suggests a possibility of even higher peaks in the near future.
Derivate data indicates…
Besides the rising trend on the price graph, there were also encouraging signs regarding this asset’s derivatives. In other words, the derivatives market was shaping up positively as well.
Based on information analyzed by AMBCrypto via Coinglass, the trading activity significantly increased by approximately 53.56% to a total of $2.01 billion. Moreover, Open Interest experienced a rise of around 29.68%.
These metrics suggested heightened activity and investor commitment.
A high Funding Rate suggested that investors were leaning towards taking long positions, while the close long/short ratio of 0.99, slightly above parity, signified a slightly tilted preference for long positions but overall, a relatively balanced sentiment among traders over the past day.
As a researcher, I find these market trends encouraging, hinting at a probable continuation of growth trajectories.
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2024-11-15 08:08