POPCAT Breaks Key Support Level: Can It Quickly Surge to $1.20?

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POPCAT (POPCAT) is currently in the phase of breaking through a key support level, and market sentiment is gradually turning bullish. There are signs that this memecoin could potentially rise 25% soon, reaching a target price of $1.20.

Market Sentiment and Fund Flows

Since December 2024, the price of POPCAT has dropped over 65%. However, on-chain data shows that despite the price decline, investors remain highly interested, especially long-term holders. In the past 24 hours, there has been an outflow of $1.69 million worth of POPCAT from exchanges, which is generally seen as a bullish signal, indicating that investors may be accumulating.

The spot inflow/outflow data reflects that investors are transferring tokens from exchanges to private wallets, showing confidence in future price increases. In the crypto market, outflows are often a sign that the market is about to rebound.

Trader Sentiment and Open Interest

As the confidence of long-term holders increases, trader interest is also on the rise. The open interest for POPCAT has surged by 8.7% in the past 24 hours. Currently, 52.97% of top traders hold long positions, indicating that bullish sentiment dominates the market.

Technical Analysis and Key Levels

POPCAT recently broke through a long-term consolidation zone and established a key support level at $0.70. Currently, the price of POPCAT is close to $0.86, having risen 5.35% in the past 24 hours. The daily chart shows that POPCAT closed above a narrow range, laying the foundation for future increases.

The Relative Strength Index (RSI) is far below the overbought zone, suggesting that a rebound may occur, further validating its upward potential. Based on the current technical situation, POPCAT is expected to rise 25% in the coming time, challenging $1.20.

Conclusion

Combining on-chain indicators with technical analysis, POPCAT shows strong upward potential. If the current fund flows and market sentiment persist, POPCAT is very likely to break the $1.20 target price.

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