The overall cryptocurrency market is experiencing notable selling pressure and price declines. Amid this, the popular Solana-based meme coin Popcat (POPCAT) has soared significantly, topping the crypto market. Additionally, with its impressive performance, the meme coin has outperformed major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Current Price Momentum
According to CoinMarketCap data, POPCAT is currently trading near $1.37 and has experienced a price surge of over 13% in the past 24 hours. Interestingly, this price surge came at a time when major cryptocurrencies like BTC, ETH, and SOL faced declines.
POPCAT Technical Analysis and Upcoming Levels
POPCAT is a popular cryptocurrency whose trading volume has jumped notably over the past 24 hours, indicating heightened participation from traders and investors. However, the trading volumes of top cryptocurrencies like BTC and ETH have dropped by 25% and 35%, respectively, during the same period.
According to expert technical analysis, POPCAT appears bullish and it is currently heading toward a strong resistance level at $1.50. Based on its recent price performance, there is a strong possibility that POPCAT’s price could soar by another 10% in the coming days.
However, this resistance level of $1.50 serves as the neckline of a bullish double-bottom price action pattern. If POPCAT breaches the neckline and closes a daily candle above the $1.60 level, there is a strong possibility that the meme coin could reach a new high in the coming days.
Bullish On-chain Metrics
POPCAT’s positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, POPCAT’s long/short ratio currently stands at 1.099, indicating strong bullish sentiment among traders. Additionally, its trading volume has jumped by 15% over the last 24 hours, reflecting growing investor interest in the meme coin.
Traders and investors often use a combination of rising open interest and a long/short ratio above 1 to build long positions.
Source: https://coinpedia.org/news/popcat-leads-crypto-market-will-the-rally-continue/