The general cryptocurrency market is experiencing notable promoting strain and worth declines. Amid this, the favored Solana-based meme coin Popcat (POPCAT) has soared considerably, topping the crypto market. Moreover, with its spectacular efficiency, the meme coin has outperformed main cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Present Value Momentum
Based on CoinMarketCap knowledge, POPCAT is presently buying and selling close to $1.37 and has skilled a worth surge of over 13% previously 24 hours. Curiously, this worth surge got here at a time when main cryptocurrencies like BTC, ETH, and SOL confronted declines.
POPCAT Technical Evaluation and Upcoming Ranges
POPCAT is a well-liked cryptocurrency whose buying and selling quantity has jumped notably over the previous 24 hours, indicating heightened participation from merchants and buyers. Nonetheless, the buying and selling volumes of high cryptocurrencies like BTC and ETH have dropped by 25% and 35%, respectively, throughout the identical interval.
Based on skilled technical evaluation, POPCAT seems bullish and it’s presently heading towards a powerful resistance stage at $1.50. Based mostly on its current worth efficiency, there’s a robust chance that POPCAT’s worth might soar by one other 10% within the coming days.
Nonetheless, this resistance stage of $1.50 serves because the neckline of a bullish double-bottom worth motion sample. If POPCAT breaches the neckline and closes a each day candle above the $1.60 stage, there’s a robust chance that the meme coin might attain a brand new excessive within the coming days.
Bullish On-chain Metrics
POPCAT’s constructive outlook is additional supported by on-chain metrics. Based on the on-chain analytics agency Coinglass, POPCAT’s lengthy/quick ratio presently stands at 1.099, indicating robust bullish sentiment amongst merchants. Moreover, its buying and selling quantity has jumped by 15% during the last 24 hours, reflecting rising investor curiosity within the meme coin.
Merchants and buyers usually use a mixture of rising open curiosity and a protracted/quick ratio above 1 to construct lengthy positions.
