As a seasoned analyst with over two decades of experience in the financial markets under my belt, I find myself intrigued by the meteoric rise of Popcat (POPCAT) on the Solana blockchain. Having navigated through numerous bull and bear markets, I’ve learned to read charts like a map, and the signs pointing towards POPCAT are undeniably bullish.
Over the last day, the meme token Popcat, based on the Solana blockchain, experienced an impressive surge, standing out as the greatest daily gainer amongst the top 100 cryptocurrencies.
As of now, Popcat (POPCAT) has increased by 6.2%, currently trading at $0.9918. Over the past week, this meme coin experienced a growth of 7.4%. The most significant increase was observed on Sept. 25 when both its price and market capitalization reached their peak, exceeding $1 and $1 billion respectively, which set new record highs for both values.
Currently, the total value of this internet-themed coin is approximately $970 million, while its daily transactions amount to roughly $107 million.
Based on a recent post from the pseudonymous analyst Bluntz, it appears that Popcat is exhibiting encouraging signs once more. A well-structured ABC correction pattern can be observed on its 4-hour chart, which is just shy of its all-time highs. This configuration generally signals a short-term move contrary to the trend within a larger market direction.
Traders monitoring this trend frequently view it as a chance to jump into long positions, expecting the upcoming price surge. Consequently, Bluntz hypothesized that this surge might allow POPCAT to surpass its prior All-Time High (ATH).
As a crypto investor, I’ve been keeping an eye on Coinglass data, and it appears that POPCAT‘s open interest has skyrocketed by 12.6% to reach a staggering all-time high of $125.71 million at this very moment. This surge in activity among traders suggests that the meme coin is experiencing a robust rally, which seems far from over. Moreover, the weighted funding rate has hit an unprecedented 0.0484%, adding fuel to the coin’s impressive upward trajectory.
The general opinion towards the meme coin was generally optimistic, as revealed by a survey where 7 out of 10 respondents anticipated more price increases within the near future, according to data from CoinMarketCap.
In a 1D graph, the current position of POPCAT is higher than its 50-day Exponential Moving Average (EMA), which indicates an increase in the asset’s upward trend. This might lead traders to perceive it as a possible buying opportunity, suggesting potential for further price increases.
The increase has brought POPCAT very near to the top of its Bollinger Band, presently at $1.1075. This suggests that the asset may soon enter an overbought area, but it also underscores the temporary strength of the bullish trend.
Furthermore, with a Commodity Channel Index of 78.87, it seems that the potential for POPCAT‘s price increase continues, as this level suggests there may be more room for growth before it reaches overextended territory.
If POPCAT manages to maintain its growth and surpass the $1.1075 barrier, it might push towards the next significant milestone at $1.2. On the other hand, if it struggles to hold its current support levels, there’s a possibility of a downturn, with the middle Bollinger Band located at approximately $0.8497 serving as a crucial area of support.
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2024-09-30 10:26