In the current challenging cryptocurrency landscape, the Solana-based Popcat (POPCAT) is showing promising signs of reaching the $1 mark. This prediction is backed by the formation of a bullish price action pattern. On September 17, 2024, POPCAT showcased remarkable performance, outshining top meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
POPCAT Price Momentum
As of now, POPCAT is trading close to the $0.75 mark and has experienced a notable price surge of over 10% in the last 24 hours. Concurrently, its trading volume has risen by 10%, reflecting increased participation from both traders and investors as the market shows signs of recovery.
POPCAT Technical Analysis and Upcoming Levels
Expert technical analysis reveals that POPCAT is displaying a bullish trend and is currently at a critical resistance level of $0.80. This bullish outlook can be attributed to the formation of a bullish cup-and-handle price action pattern on the daily time frame.
If POPCAT manages to breach this resistance level and closes a daily candle above the $0.80 mark, there is a strong likelihood that it could surge by 25%, potentially reaching the $1 level in the coming days.
Bullish On-chain Metrics
The bullish narrative for POPCAT is further bolstered by on-chain metrics. According to Coinglass, POPCAT’s Long/Short ratio stands at 1.032, indicating a bullish market sentiment among traders.
Additionally, POPCAT’s future open interest has seen an increase of 10% in the last 24 hours and 4% in the past four hours. This rising open interest signals growing interest among traders, suggesting a potential breakout.
Traders and investors often consider the combination of rising open interest and a Long/Short ratio above 1 when building their positions. Currently, 50.72% of bulls hold long positions, while 49.28% hold short positions, according to Coinglass data.
However, it’s essential to note that this bullish thesis will only hold if POPCAT closes its daily candle above the $0.80 level. Failing to do so may invalidate the bullish outlook.
