After A Spectacular Propulsion In POPCAT, What Lies Ahead Next?

• 1 At press time, POPCAT was tradgin at $0.53821 with an intraday growth of 19%.
• 2 The short liquidation are tremendously high, while the long liquidation stays low.
• 3 After witnessing a spectacular rally, POPCAT still appears to be preparing for yet another propulsion on the daily chart.

Popcat (POPCAT) highlighted a strong bullish momentum as the buyers fueled this asset, which made it propel 109.32% this week. It ranks 207th on CoinMarketCap, it has a volume-to-market cap ratio that reflects good liquidity, and its circulation that has been out in the market stands at 979.973 Million POPCAT.

Furthermore, POPCAT rose 15.95% in market value and plummeted by -27.27% in trading volume in the last 24 hours, as per Coinmarketcap. Its market value stands at $558.303 Million, and its trading volume amounted to $63.934 Million.

POPCAT 1.D. | Source: TradingView

POPCAT rose above the 50-day EMA. Meanwhile, the RSI flashed at 64.76, which took support at the 14-SMA. The MACD exhibited a growing histogram at 0.03140, with a bullish cross. Overall the technical indicators are bullish due to an ongoing upthrust in the POPCAT market.

Seeing Through the Analyst’s Lens

An analyst known as Crypto Zainab shared on X one of his chart drawings and stated that POPCAT looked bullish with price discovery coming ahead.

Price discovery coming for $POPCAT 📸 pic.twitter.com/dTzQTDDayi

— Crypto Zeinab (@CryptoZeinab) June 26, 2024

By this positive tweet, he tried to convey that POPCAT could surpass its supply and could possibly rise to new levels.

POPCAT Crypto Derivatives Data Overview!

The short liquidation of the crypto has been higher than the long liquidation over the last 24 hours, resulting in a splendid ratio of $1.0101. This signified that the short liquidation is tremendously high at $114.66 K, while the long liquidation is merely at $5.12 K.

POPCAT Crypto Total Liquidations Chart | Source: Coinglass

This indicates that massive short positions have been liquidated in POPCAT in the past 24 hours. 

Moreover, the open interest was up by 26.57% over the last 24 hours, resulting in $39.90 Million worth of derivatives positions opening.

POPCAT Crypto Derivatives Open Interest Chart | Source: Coinglass

The Coinglass chart highlights that the open interest (OI) has advanced over the past few days. Thus, this exhibits that the confidence of crypto traders are advancing massively, as a larger number of open positions are being carried in POPCAT’s market.

POPCAT Price Action Outlook on Daily Chart!

POPCAT broke out of the falling wedge recently, and the price looked ready for more gains after a short pullback.

Since June 19th, 2024, POPCAT displayed a revival as the price bounced back from a critical level of around $0.23500 on the daily chart.

The market has witnessed a spectacular rally, and it still appears to be preparing for yet another propulsion on the daily chart. Thus, the rise could smash the resistance level up ahead and soar to new lengths from the current support zone.

In the overall price action, POPCAT has demonstrated good performance last week, month, and three months, by surging 109.32%, 13.60%, and 60.65%, respectively.

At press time, POPCAT traded at $0.53821 with an intraday growth of 19%. If the propulsion continues, the targets are $0.7000 and $0.8000. However, if the asset fails to hold above the breakout point and slips beneath $0.4500, the nearest supports would be $0.3500, and $0.2800.

Summary

POPCAT saw a significant increase in value, ranking 207th on CoinMarketCap with good liquidity. Recent optimizations led to a market value of $558.303 Million, positive technical indicators, and shows potential for further growth.

Recently, POPCAT’s open interest surged by 26.57% in the last 24 hours, reaching $39.90 Million in derivatives positions. The Coinglass chart indicates growing confidence among crypto traders, with a breakout from a falling wedge suggesting potential gains ahead. 

POPCAT has shown a significant price revival since June 19th, 2024, with the market poised for further growth. Despite intraday fluctuations, if the current momentum continues, $0.7000 and $0.8000 are plausible targets. However, failure to maintain support above $0.4500 could see a drop to $0.3500 or $0.2800.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.