TLDR:
POPCAT surged 11% in 24 hours while DOGE showed modest 2% daily gain
POPCAT currently trading at $1.34-1.37, below its recent ATH of $1.50-1.55
$4 million worth of POPCAT tokens were withdrawn from exchanges during recent dip
Technical indicators show POPCAT maintaining position above Ichimoku Cloud since September 1
Price sits above both 20-day EMA and 50-day SMA, suggesting bullish momentum
POPCAT, the Solana-based memecoin, recorded an 11% surge in the past 24 hours, reaching $1.37. The token’s performance marks a significant rebound from its mid-week pullback, though it remains below its recent all-time high.
Trading data shows POPCAT bouncing back from a local low of $1.23, which triggered substantial accumulation activity. Exchange flows reveal that traders withdrew approximately $4 million worth of tokens during this dip, suggesting a coordinated buying strategy.
Technical indicators support POPCAT’s current momentum. The token has maintained its position above the Ichimoku Cloud since September 1, traditionally a signal of sustained market strength. Additionally, POPCAT trades above both its 20-day exponential moving average and 50-day simple moving average, suggesting continued bullish sentiment.
The price action follows a pattern that emerged last week when POPCAT reached its all-time high of $1.50 coinciding with Bitcoin’s breakout from a four-month slump. However, POPCAT couldn’t sustain those peak levels, with prices currently fluctuating between $1.34 and $1.37.
Recent market data indicates established support at the $1.28 level, marked by the Ichimoku Cloud’s Leading Span A. Trading volumes show active accumulation at current prices, though hourly charts display mixed signals with a declining Relative Strength Index (RSI) and bearish Moving Average Convergence Divergence (MACD).
Current market positioning places POPCAT above key support levels, with the next significant resistance at its previous all-time high. However, if bearish pressure emerges, analysts identify $1.28 as the first support level to watch, followed by $1.00.
Exchange data reveals that spot traders have been particularly active during recent price dips, with significant token withdrawals occurring at local price lows. This pattern suggests systematic accumulation strategies are being employed by market participants.
The latest trading data shows POPCAT maintaining its position above both major moving averages, with current prices holding above the support line formed by the Leading Span A of its Ichimoku Cloud.
The post Memecoin Markets See Shift as POPCAT Rebounds to $1.37 appeared first on Blockonomi.
