Categories: Business

POPCAT Breaks Consolidation, Eyes on 50% Rally

  • POPCAT’s Long/Short ratio was 1.05, indicating strong bullish sentiment among traders.
  • POPCAT’s RSI Suggested There Could Be Enough Room for Memecoin to Rally

As the broader market is on the road to recovery, the Solana-based memecoin POPCAT has attracted the attention of many traders and investors. This, after the altcoin went through a prolonged consolidation phase on the charts, which lasted for more than eight days.

POPCAT emerges from prolonged consolidation

Following this breakout, sentiment around POPCAT could be about to shift from a downtrend to an uptrend. In fact, memecoin has already seen a price increase of over 23%. However, at press time, a minor price correction appeared to be underway.

The last two and a half months have not been kind to memecoin, as it has faced sustained periods of bearish momentum leading to price declines of over 70%. In addition to the price decline, memecoin also faced resistance from a trendline. This contributed to a price reversal whenever the POPCAT price approached it.

POPCAT Technical Analysis and Key Levels

This time too, after registering a price increase of over 23%, the price reached the trendline. At the time of writing, it appeared to be facing a price correction at this level.

According to AMBCrypto technical analysis, if POPCAT breaks this strong trendline and closes a daily candle above the $0.75 level, there is a high chance that it will surge 50% to reach the next resistance level of $1.15 going forward.

Source: TradingView

Currently, memecoin is trading below the 200 exponential moving average (EMA) on the daily time frame, indicating that it is on a downtrend.

On the positive side, with POPCAT’s Relative Strength Index (RSI) at 43, a technical indicator suggests that there could be enough room for memecoin to rally significantly in the future.

On-chain bullish metrics

In light of the bullish technical data and memecoin price action, intraday traders are now excited.

In fact, as revealed by on-chain analytics firm Coinglass, they are betting significantly on the long side. The POPCAT Long/Short ratio stood at 1.05, highlighting the bullish sentiment among traders.

Source: Coinglass

Additionally, 51.50% of top traders on the exchanges held long positions, while 48.5% held short positions. However, the percentage of the long side seems to be constantly increasing.

Next: XRP Price Prediction – Despite Bullish Measures, Traders Still Face THESE Volatility Risks!

remon Buul

Recent Posts

The new James Bond producers of Amazon MGM are in London to start

Amazon MGM gets to work on Bond. Courtenay Valenti, head of cinema, streaming and theatrical…

24 seconds ago

Atlanta Braves Nouvelles: Amazing sequence of defeats, Nick Allen, more

The start of this season was a legitimately historic exercise in futility for the brave.…

2 minutes ago

Sanction the Houthi network supported by Iran, provide weapons and raw materials from Russia

Today, the United States sanctions financial facilitators, supply agents and companies operating within the framework…

3 minutes ago

They are not only Canadians, fewer Europeans also want to visit the United States

Canadians are not the only ones to lose their appetite for vacation in the United…

4 minutes ago

The daughter of Kelly Clarkson, 10, steals her talk-show spotlight

Kelly Clarkson's mini-me girl, 10, steals the spotlight of her talk showLike the mother, like…

5 minutes ago

Europe must express pressure on Trump on prices, Habeck desires from Germany – Politico

The EU, which now faces a tariff of 20% as part of Trump's policy, is…

6 minutes ago