POPCAT Price Rises: Technical Analysis Shows Potential Toward $1

Bittime - The famous meme coin is based on Solana, Popcat (POPCAT), is preparing to experience a significant surge thanks to the formation of a bullish pattern on the daily chart. Since the start of this year, the cryptocurrency market as a whole is showing signs of recovery, incl Bitcoin (BTC), Ethereum (ETH), And XRP.

Amid this potential market rebound, POPCAT has experienced an increase of more than 10% in the last 24 hours and is currently trading around $0.84 (around IDR 13,608). This significant price spike has created a bullish setup for this meme token.

POPCAT Technical Analysis and Expected Levels

Based on technical analysis from experts, POPCAT recently managed to break out of the long-standing consolidation zone and closed the daily candle above this level, which indicates a successful breakout.

Source: Trading View/@Chandan Gupta

Looking at the latest price action, after this breakout, there is a high possibility that this meme token may surge up to 25% to reach the $1.10 level (around Rp. 17,820) in the near future.

Positive POPCAT On-Chain Metrics

This breakout has attracted great attention from traders and investors in the last 24 hours, leading to a 25% increase in trading volume and an 18% increase in POPCAT open interest. This shows growing interest from traders and investors looking to capitalize on the breakout from consolidation, according to analysis from on-chain firm Coinglass.

Data regarding POPCAT inflows and outflows shows that the exchange has experienced an outflow of $1.7 million (around IDR 27,564,000) in the form of POPCAT. This suggests that long-term holders have withdrawn significant amounts of this meme token following the breakout, indicating potential upside momentum and increased buying pressure.

Source: Coinglass/Coinpedia

At the time of writing, the main liquidation levels were at $0.826 (around IDR 13,396) on the downside and $0.908 (around IDR 14,706) on the upside, with traders over-leveraged at these levels, according to data from Coinglass.

If market sentiment remains stable and the price rises to the $0.908 level, nearly $5.52 million (around IDR 89,424,000) of short positions will be liquidated. Conversely, if sentiment changes and the price falls to the $0.826 level, nearly $4.42 million (around IDR 71,724,000) of long positions will be liquidated.

Read too How to Buy POPCAT (POPCAT)

Latest POPCAT to IDR prices

Price POPCAT to IDR via Market Endtime

Currently, the POPCAT price is around IDR 14,149.46, with an increase of 5.01% in the last 24 hours. The chart shows a fluctuating price movement pattern, with the Bollinger Bands indicator indicating that the price is near the upper limit, signaling potential for adjustment. 

The Stochastic RSI indicator shows that the token is in overbought conditions, while the MACD shows a bullish signal, despite a decrease in trading volume. Overall, this suggests that POPCAT may experience volatility in the near term.

Read too POPCAT Price Prediction: Can This Memecoin Hit $1 in 2024?

Conclusion

With a bullish pattern forming and on-chain metrics showing increasing interest, POPCAT appears to be on a good track to reach its $1 (around IDR 16,200) price target. Traders and investors are advised to monitor these developments closely, given the potential volatility that may occur in cryptocurrency markets.

FAQ about POPCAT

1. What caused the price of POPCAT to increase?

POPCAT price is increasing due to the formation of a bullish pattern on the daily chart, indicating a potential price surge. Additionally, the cryptocurrency market as a whole is showing signs of recovery, and POPCAT has seen an increase of more than 10% in the last 24 hours.

2. What is meant by technical analysis in the context of POPCAT?

Technical analysis is a method used to evaluate and predict price movements of an asset by analyzing historical data, such as price and trading volume. In the context of POPCAT, technical analysis shows that the token has managed to break out of the consolidation zone and has the potential to surge up to 25% to $1.10.

3. What are on-chain metrics and why are they important?

On-chain metrics are data extracted from the blockchain that provides insight into user activity and behavior, such as trading volume, inflow/outflow, and open interest. This metric is important because it can help traders and investors understand market interest and potential price movements, as seen in the significant increase in trading volume and POPCAT outflow after the breakout.

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Reference

Chandan Gupta, POPCAT Breaks Out! Meme Coin Eyes 25% Surge to $1.10, Accessed January 3, 2024

Author: IN