The entire cryptocurrency market is experiencing significant selling pressure and falling prices. Amid this, the popular Solana-based meme coin Popcat (POPCAT) has surged to become a leader in the cryptocurrency market. Moreover, with its impressive performance, the meme coin has outperformed major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Current Price Momentum
According to CoinMarketCap, POPCAT is currently trading at nearly $1.37, with a price increase of more than 13% in the past 24 hours. Interestingly, this price increase comes at a time when major cryptocurrencies such as BTC, ETH, and SOL are falling.
POPCAT Technical Analysis and Upcoming Levels
POPCAT is a popular cryptocurrency that has seen its trading volume surge over the past 24 hours, indicating increased participation from traders and investors. However, trading volumes for top cryptocurrencies like BTC and ETH have dropped by 25% and 35%, respectively, over the same period.
According to technical analysis, POPCAT is showing bullish momentum and is currently heading towards a strong resistance level of $1.50. Based on its recent price performance, there is a high chance that POPCAT’s price will surge by another 10% in the coming days.
However, the $1.50 resistance level acts as the neckline of a bullish double bottom price action pattern. If POPCAT breaks out of the neckline and closes on the daily chart above $1.60, there is a high chance that the meme coin will make new highs in the coming days.
Bullish On-Chain Indicators
On-chain metrics further support POPCAT’s bullish outlook. According to on-chain data, POPCAT’s long/short ratio is currently at 1.099, indicating strong bullish sentiment among traders. In addition, its trading volume has jumped 15% in the past 24 hours, reflecting investors’ growing interest in this meme token.
Traders and investors often use the combination of rising open interest and a long/short ratio above 1 to enter long positions.
