On August 22, 2024, the world’s largest cryptocurrency exchange, Binance, announced the launch of perpetual contracts for the Solana-based meme coin POPCAT. Following this announcement, crypto whales withdrew 39,816 SOL worth $5.73 million from Binance and bought nearly 10 million POPCAT tokens.
Whale, buy POPCAT during listing announcement
This crazy buying is a sign that POPCAT could experience a significant rally in the coming days. At the time of writing, it is trading near $0.574 and has experienced a price surge of over 32% in the last 24 hours. Meanwhile, POPCAT’s trading volume has surged by 225% in the same period, showing increased trader participation following the IPO announcement.
According to on-chain analytics firm CoinGlass, open interest has also increased by 35% in the last 24 hours, indicating growing interest from investors and traders.
POPCAT Price Forecast August 2024
According to the technical analysis of experts, POPCAT is looking bullish and is currently heading towards the important resistance level of $0.643. However, the last time POPCAT reached this level, the price fell by more than 40% to the $0.38 level.
The sentiment on POPCAT is bullish this time around, and the daily chart is forming a bullish double bottom price action pattern. If the daily candle closes above the $0.69 level, there is a high chance that it will surge 40% to $1 or more.
Major liquidation levels
According to CoinGlass, the current major liquidation levels are $0.542 for the lower end and $0.60 for the upper end, as traders have been leveraging too much over the past 24 hours.
If the sentiment remains unchanged and the price rises to $0.60, approximately $672.84K worth of long positions will be liquidated. Conversely, if the sentiment changes and the POPCAT price falls to $0.542, approximately $1.34K worth of short positions will be liquidated.