Popcat Rises 18% in 24 Hours: Will It Reach $2 in 2024?

• On the time of writing, Popcat led in positive factors over the previous 24 hours for the highest 100 cryptos.
• Open charges, funding charges and mixture liquidations all present positivity.

Solana [SOL] memecoins proceed to achieve momentum regardless of the skepticism of many who view them as short-lived tasks. Nevertheless, the makers of Solana are proving the doubters incorrect, with Bonk main the cost, aiming to launch a Bonk ETP that might finally pave the way in which for a future ETF.

Following this pattern, Popcat [POPCAT] additionally makes its mark. POPCAT was launched in March 2024 throughout a bullish market and is now approaching the $1 worth degree, with a acquire of over 18% on the time of writing, in keeping with CoinMarketCap.

24-hour buying and selling quantity elevated by greater than 128%, pushing POPCAT to the highest of the CoinGecko charts, forward of all the highest 100 cryptocurrencies by market cap, together with the booming AI cash like Bittensor (TAO), Arweave (AR), and NEAR Protocol. (NEAR).

Supply: CoinGecko

With POPCAT’s spectacular worth positive factors and volumes, the query arises: how excessive can it go in 2024?

Popcat reveals momentum

POPCAT is exhibiting a powerful bullish pattern, with the value steadily rising since September 8.

On the each day chart, inexperienced candles are persistently seen on all however three days, reflecting a two-week uptrend. The August 5 market crash seems to have bottomed out as the value has not reached that degree once more.

POPCAT’s present momentum signifies a possible break above the $1 worth degree, which may result in additional positive factors. If market circumstances stay favorable, the value may attain $2 by the tip of the 12 months, delivering a acquire of greater than 100%.

Supply: TradingView

Nevertheless, there’s a probability that POPCAT may encounter resistance and get caught on the $1 mark earlier than shifting additional. It may additionally expertise a brief reversal close to the Fibonacci degree of 0.61 earlier than persevering with its uptrend.

If the value falls under the latest greater low, it may sign a possible reversal and additional evaluation is required.

For now, POPCAT continues to indicate power, and merchants are searching for a decisive break greater.

OI-weighted financing charges and liquidations

Open interest-weighted (OI-weighted) funding charges and liquidations additional help bullish sentiment for POPCAT.

Velo evaluation reveals that futures market statistics, together with funding charges, open curiosity and liquidations, point out sturdy market confidence in POPCAT.

Open curiosity has hit a brand new all-time excessive, retesting earlier highs, whereas funding charges stay in optimistic territory, reinforcing the bullish outlook for the cat token.

Supply: Velo on TradingView

Is your portfolio inexperienced? Take a look at the POPCAT revenue calculator

Moreover, the low variety of liquidations means that few merchants are betting towards the token, making a transfer in direction of the $2 worth degree a powerful chance.

With these traits, POPCAT reveals the potential for continued progress into 2024, and if present circumstances persist, merchants may see substantial returns from this Solana-based memecoin.