The entire cryptocurrency market is experiencing notable selling pressure and price declines. Meanwhile, POPCAT, a popular meme coin based on Solana, took first place in the cryptocurrency market and showed a significant rise. Additionally, with its impressive performance, Meme Coin outperformed major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Current price momentum
According to CoinMarketCap data, POPCAT is currently trading around $1.37 and has experienced a price surge of over 13% in the last 24 hours. Interestingly, this price surge occurred at a time when major cryptocurrencies such as BTC, ETH, and SOL were in a downward trend.
POPCAT technical analysis and future levels
POPCAT is a popular cryptocurrency that has seen a noticeable surge in trading volume over the past 24 hours, showing increased participation from traders and investors. However, during the same period, the trading volume of top cryptocurrencies such as BTC and ETH decreased by 25% and 35%, respectively.
According to expert technical analysis, POPCAT appears to be bullish and is currently heading towards a strong resistance level of $1.50. Considering recent price performance, it is highly likely that Popcat’s price will surge by another 10% in the future.
However, this resistance level of $1.50 acts as the neckline of a bullish double bottom price action pattern. If POPCAT breaks the neckline and closes the daily candle above the $1.60 level, the meme coin is likely to reach new highs in the coming days.
Bullish On-Chain Indicators
POPCAT’s positive outlook is further supported by on-chain indicators. According to on-chain analytics firm Coinglass, Popcat’s long/short ratio is currently 1.099, indicating strong optimism among traders. Additionally, trading volume has increased by 15% in the past 24 hours, reflecting growing investor interest in meme coins.
Traders and investors often build long positions through a combination of increased open interest and a long/short ratio above 1.