- POPCAT’s spot inflow/outflow showed that exchanges have started to witness outflows.
- With strong traders’ and investors’ interest, POPCAT could soar by 25% to reach the $1.53 level.
As a seasoned crypto investor with a knack for spotting undervalued gems, I find myself intrigued by the recent performance of Popcat [POPCAT]. Despite the general market downturn, POPCAT has managed to buck the trend and show impressive growth. The outflow from exchanges, a clear sign of long-term holder confidence, is particularly noteworthy.
The memecoin built on the Solana network, known as Popcat [POPCAT], has been attracting significant attention from cryptocurrency fans. It’s been outperforming major digital currencies such as Bitcoin [BTC], Ethereum [ETH], and Dogecoin [DOGE].
By the 11th of December, it seemed that the entire cryptocurrency market was experiencing a price adjustment, leading to a drop in values.
Despite the general price drop, POPCAT experienced an increase of more than 6.5% in the last 24 hours, with a current value close to $1.25. However, during this timeframe, its trading volume decreased by 23%, suggesting less involvement from traders.
Whale and traders rising interest
On the other hand, given the prevailing market mood and the contrasting price trend of POPCAT, there seems to be a growing fascination among ‘whales’ and institutional investors, according to Coinglass, a company specializing in on-chain analysis.
Data from POPCAT’s spot inflow/outflow showed that exchanges have started to witness outflows.
In the meantime, while the flow of POPCAT is not substantial, it shows that long-term holders remain interested in the memecoin, even as the overall market prices are falling.
In the world of cryptocurrencies, an “outflow” is when digital assets are transferred from exchange platforms to individual wallets. This could be a sign of optimism in the market, possibly suggesting a good time for investment.
Besides investors who plan to keep it for a longer period, there’s been a significant surge of enthusiasm and trust among traders towards the memecoin within the last day.
Based on statistics from Coinglass, the POPCAT Long/Short Ratio reached 1.008, which is its peak level since the beginning of November 2024. This ratio signifies that bullish sentiments among traders have grown particularly strong.
POPCAT: Upcoming levels
Based on the technical assessment from AMBCrypto, it appears that the price of POPCAT has begun to gain traction following its rebound from an essential support point at $1.12.
The recovery we’re seeing matches an uptick in investor and trader attention, suggesting there’s a good chance we’ll see further growth in the near future.
Given the latest price trends, it’s quite likely that the memecoin might experience a 25% increase over the next few days, potentially reaching the price point of $1.53.
Read Popcat’s [POPCAT] Price Prediction 2024–2025
Moreover, as POPCAT’s Relative Strength Index (RSI) neared the oversold region, this finding lends credence to the probability of an imminent price increase.
It seems like bulls are in control of the market right now, which might help the memecoin maintain its value even during potential drops in the near future.
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2024-12-12 03:03