POPCAT Rises to the Top, Surpassing Bitcoin and Ethereum

It seems that the favored Solana-based meme coin Popcat (POCAT) is outperforming main cryptocurrencies comparable to Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). On October 23, 2024, when main cryptocurrencies had been struggling to realize momentum, POPCAT led the crypto market with a powerful value enhance of over 12%.

Causes for the POPCAT value enhance

The doable motive for this exceptional upward rally is that traders and merchants are constantly betting on the meme token. Based on the on-chain analytics firm Mint glassPOPCAT’s Lengthy/Brief ratio at the moment stands at 1.03, indicating sturdy bullish sentiment amongst merchants. In the meantime, open curiosity is up 16.2% over the previous 24 hours and rising steadily.

This rising open curiosity means that merchants strongly consider within the meme coin and could also be inserting extra bids on lengthy positions than on quick positions.

Merchants and traders typically use the mix of rising open curiosity and an extended/quick ratio above 1 when constructing lengthy positions.

POPCAT technical evaluation and upcoming ranges

Based on professional technical evaluation, POPCAT has been buying and selling throughout the vary of $1.2 and $1.5 over the previous two weeks. Wanting on the every day chart of meme cash, the worth is at the moment close to the higher restrict, which acts as a powerful resistance stage.

If POPCAT crosses this stage and closes a every day candle above the $1.5 stage, there’s a good probability that it’s going to make a brand new excessive within the coming days. Nonetheless, if it fails to interrupt the USD 1.50 resistance stage, there’s a good probability {that a} value drop will happen within the coming days.

On the time of writing, POPCAT is buying and selling round $1.44 and has skilled a value enhance of over 13% within the final 24 hours. Throughout the identical interval, buying and selling quantity elevated by 5%, indicating rising dealer and investor participation in comparison with the day earlier than.