As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the recent surge in Popcat (POPCAT) has caught my attention. Having witnessed numerous bull and bear cycles, I’ve learned to read between the lines and understand market dynamics.
Popcat has reached an unprecedented peak, surpassing well-known meme coins such as Bonk and Floki, due to a significant increase in its futures contract activity.
In the past day, the value of Popcat (POPCAT) increased by 17.8%, trading at $1.66 per unit. Over the last month, this meme coin’s price has surged by 80.3%. As a result, its market capitalization currently stands at a staggering $1.61 billion, marking a significant rise from the $457 million it was valued at in September.
The increase in POPCAT’s price occurred simultaneously with an escalation in its futures open interest. This value climbed from $46.91 million at the start of September, reaching a record peak of $274.8 million.
Simultaneously on X, a community member noticed that several large ‘whale’ wallets have been amassing the memecoin recently. They highlighted at least three such wallets that have bought significant amounts of the token within the last 24 hours, while one whale was discovered to be exchanging BONK for POPCAT.
The rally occurred concurrently with an increase in meme coin transfers from centralized exchanges to private wallets (previously mentioned by crypto.news). Generally, such transfers often suggest optimism among investors, implying that they prefer to keep their tokens for a longer period rather than trading them briefly.
On October 24th, according to CoinGecko’s data, the cat-themed meme coin has significantly outperformed its competitors, becoming the top gainer among the 100 largest cryptocurrencies and surpassing both Bonk (BONK) and Floki (FLOKI), which are popular dog-themed meme coins, in terms of market capitalization.
Over the last seven days, BONK, with a market capitalization of $1.56 billion, tumbled. On the other hand, FLOKI, a meme coin on Ethereum, experienced a 0.8% decrease in the past day and has a market cap of $1.4 billion.
As an analyst, I’m observing a bullish indication on the 1D POPCAT/USDT chart. Specifically, the Moving Average Convergence Divergence (MACD) indicator is showing a bullish crossover. In simpler terms, the MACD line, which is blue, has crossed above the signal line, which is orange. This crossing suggests that we might be experiencing potential sustained bullish momentum, indicating a possible upward trend in the market.
The ADX value of 37.48 strongly indicates that the ongoing trend is robust, suggesting potential for further price increases.
Meanwhile, analysts remain optimistic about Popcat’s short-term prospects.
According to the pseudonymous market analyst known as Bluntz, Popcat has burst free from an upward-trending channel. This escape from the pattern indicates a robust sign of ongoing price increase, suggesting that persistent purchasing activity has successfully overcome earlier resistance levels within the channel.
Under the alias NW CRYPTO, a trader predicts that the meme coin might encounter resistance around $0.2768, which is approximately 18.7% higher than its current price point. If the bullish momentum manages to surpass this resistance level, potential future targets could be set at $0.7416 and $1.4926.
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2024-10-24 12:10