Popcat’s price surged 9%, driven by community sentiment and futures interest.
Over 80,000 holders indicate growing investor confidence.
Popcat (POPCAT), the Solana-based memecoin, has surged to the 56th position in market capitalization, overtaking competitors TIA and OM. The token has seen a significant 9% rise over the past 24 hours, propelled by improved community sentiment and a notable increase in futures open interest. Trading volume has surged by 56%, reflecting heightened investor interest, while it has skyrocketed 98% in the past month, drawing the attention of the broader crypto community.
Data from CoinMarketCap indicates that sentiment among investors remains predominantly bullish regarding Popcat’s future. The token’s recent price rally coincides with a 21% spike in open interest in the futures market over the last 24 hours, according to CoinGlass.
Moreover, the number of Popcat holders has surpassed 80,000. On the technical front, the 1D POPCAT/USDT chart reveals that the price is trading above its middle Bollinger band, suggesting a continuation of the bullish trend. The Relative Strength Index (RSI) has dropped to around 60, indicating room for further gains before entering overbought territory.
What is Ahead For POPCAT?
Analysts are closely monitoring Popcat‘s price action. Trading Tank, a pseudonymous market analyst, highlighted a critical resistance level at $1.54, the neckline of a bullish double-bottom pattern. If it breaches this level, it could reach new highs in the short term, with potential targets of $1.9250, $2.3850, and $3.310.
POPCAT Price Chart, Source: Sanbase
However, POPCAT has experienced price corrections alongside major cryptocurrencies like Bitcoin and Ethereum. For continued upward momentum, it needs to maintain a price above $1.1735, as falling below this level could lead to a significant decline. Overall, the combination of strong community support, rising open interest, and positive technical indicators positions it as a notable contender in the cryptocurrency landscape.
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