POPCAT Could Hit $1.7 as On-Chain Data Signals Strength

General market sentiment for cryptocurrency is sort of unpredictable as a result of ongoing volatility main as much as the presidential election. Amid this, Popcat (POPCAT), a well-liked meme coin, is poised for a outstanding upward rally. This bullish hypothesis for the meme coin relies on the asset’s bullish worth motion.

POPCAT technical evaluation and upcoming ranges

In response to knowledgeable technical evaluation, POPCAT has traded inside a bullish channel sample inside a four-hour time-frame. After a current worth drop, the meme coin has reached the decrease restrict of the channel and is beginning to transfer in the direction of the higher degree.

Aside from this, POPCAT’s four-hour chart reveals that the asset has been forming an upper-high and upper-low sample since early October 2024, and is now heading in the direction of a better excessive.

Primarily based on the value motion and historic momentum, there’s a excessive risk that the value might rise 17% within the coming days to succeed in the $1.7 degree.

Moreover, POPCAT’s Relative Power Index (RSI) suggests a possible upside rally as it’s in oversold territory. In the meantime, the 200-day Exponential Shifting Common (EMA) signifies an uptrend because the meme coin’s worth trades above the 200 EMA.

Bullish on-chain metrics

POPCAT’s bullish outlook is additional supported by on-chain metrics. In response to the on-chain analytics firm Mint glassPOPCAT’s Lengthy/Quick ratio at present stands at 1.056, indicating sturdy bullish sentiment amongst merchants. In the meantime, the ratio stands at 1.15 for the final 4 hours, indicating that bulls strongly dominated throughout this era.

Alternatively, POPCAT’s open curiosity is down 2%, indicating a liquidation of merchants’ positions, probably because of vital volatility over the previous 24 hours.

Combining these on-chain metrics with the technical evaluation, it seems that bulls are at present dominating the asset and will assist obtain the speculated targets within the coming days.

Present worth momentum

On the time of writing, POPCAT is buying and selling round $1.45 and has skilled a worth drop of over 3.2% prior to now 24 hours. Throughout the identical interval, buying and selling quantity elevated by 19%, indicating larger participation from merchants and traders in comparison with earlier days.