In this troubled crypto environment, the popular Solana-based POPCAT is expected to reach $1 due to the formation of a bullish price action pattern. On September 17, 2024, POPCAT showed impressive performance, outperforming top meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
POPCAT Price Momentum
At the time of writing, POPCAT is trading at $0.75 and has experienced a price surge of more than 10% in the last 24 hours. During the same period, volume has surged by 10%, indicating increased participation from traders and investors amidst the ongoing market recovery.
POPCAT Technology Analysis and Upcoming Levels
According to the technical analysis of the experts, POPCAT looks bullish and is currently at a significant resistance level at $0.80. The potential reason for this bullish outlook is the formation of a bullish cup and handle price action pattern on the daily time frame.
If POPCAT breaks this resistance level and closes the daily candle above the $0.80 level, there is a good chance that it will rally 25% to $1.00 in the coming days.
Strong On-Chain Indicators
Currently, this bullish outlook is further supported by on-chain metrics: POPCAT’s long/short ratio on Coinglass is 1.032 (values above 1 indicate bullish market sentiment among traders).
Additionally, POPCAT’s future open interest has increased by 10% in the last 24 hours and 4% in the last 4 hours. This increasing open interest indicates growing interest among traders amid a potential breakout.
Traders and investors often use a combination of increasing open positions and a long/short ratio greater than 1 when constructing long or short positions. According to Coinglass data, 50.72% of bulls currently have long positions and 49.28% have short positions.
However, this bullish theory can only hold if POPCAT closes its daily candlestick above the $0.80 level, otherwise it may fail.