POPCAT Aims for 30% Rally, 1:4 Risk-Reward Opportunity

Amid this worth correction, Popcat (POPCAT), a preferred Solana-based meme coin, seems bullish and represents an ideal shopping for alternative with a wonderful risk-reward ratio. The potential cause for this bullish outlook is the meme coin’s every day chart sample and bullish worth motion.

POPCAT technical evaluation and upcoming ranges

Based on knowledgeable technical evaluation, POPCAT seems bullish and is at the moment heading in the direction of the decrease restrict of the bullish channel sample, which has served as sturdy help for the meme coin since early October 2024.

Based mostly on the latest worth motion, when POPCAT worth approaches this help stage, it tends to expertise shopping for stress and an upward rally. This time, merchants and traders anticipate the same upward rally.

If POPCAT holds itself above the decrease sure of the bullish channel sample, there’s a good likelihood that the meme coin may rise 30% within the coming days to succeed in the $1.84 stage. Furthermore, the present stage gives a possible shopping for alternative with a risk-reward ratio of 1:4.

Bullish statistics within the chain

Regardless of this optimistic outlook, POPCATs Statistics on the chain point out blended sentiment. Based on on-chain analytics agency Coinglass, the Lengthy/Quick ratio at the moment stands at 0.90, indicating bearish sentiment amongst merchants. Furthermore, POPCAT’s open curiosity has fallen by 12% prior to now 24 hours, reflecting the liquidation of merchants’ positions, which is comparatively greater than the day earlier than.

The mix of falling open curiosity and an extended/brief ratio under one signifies weak bearish sentiment amongst merchants as new positions should not being constructed.

Present worth momentum

Presently, POPCAT is buying and selling round $1.44 and has registered a worth drop of over 11% within the final 24 hours. Throughout the identical interval, buying and selling quantity fell by 30%, indicating decrease participation from merchants and traders amid the continued worth decline.