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 reaction of Americans at Trump prices goes from concern to

The announcement by President Trump of universal and supposedly reciprocal prices on countries around the…

15 seconds ago

Torres sends Barcelona after Atlético and to Clásico Copa del Rey Final | Copa del Rey

More than a decade later, the Copa del Rey will have a Clásico final. Barcelona…

2 minutes ago

Mark Cuban: buy “a lot of consumables now” after the deployment of Trump’s price

Mark Cuban has a suggestion for Americans: "Buy a lot of consumables now."Cuban published a…

4 minutes ago

Glen Powell has a cheeky response to these rumors of dating from Sydney Sweeney

It has been a few days since sources have confirmed that Sydney Sweeney and Jonathan…

5 minutes ago

For European populists, Trump is a mixed blessing – politico

But should they? It is easy to see why they think that everything is inevitable:…

6 minutes ago

The huge bet of Australian football star Jordan Petaia is paying as he signs the NFL agreement after having reversed the NRL teams

Jordan Petaia has played 31 games for Australia Put the pen on paper on a…

8 minutes ago