Over the last 24 hours, POPCAT witnessed a substantial 34.15% increase in its price, with trading volume also registering a notable uptick. This surge coincided with Bitcoin’s breach of the $60k resistance threshold.
The $1 psychological resistance had previously halted the memecoin’s upward momentum back in July. Will history repeat itself in this current upswing?
Potential Popcat Price Targets as per Extension Levels
An analysis of Fibonacci levels, calculated from POPCAT’s price decline in late August, revealed that the recent price surge surpassed the 78.6% retracement level.
Market sentiment has been positive since the final week of August.
On the 12-hour chart, the RSI indicated a bullish trend over the past ten days, coinciding with a steady rise in OBV. This dual indicator suggested increasing buying pressure and an upward price trajectory.
These factors indicate a strong rally with potential future targets at $1 and $1.18 resistance levels, a local high, and the Fibonacci extension level.
Spot CVD Data Contradicts OBV Trends
Following a 23% surge, Open Interest in the Futures market surged from $49.2 million to $69 million, showcasing active bull participation.
Speculators eagerly embraced long positions, anticipating profits from the rising POPCAT prices.
Despite indications of high interest rates favoring long positions in recent days, spot CVD remained stagnant for a week, highlighting a balanced buyer-seller scenario in the spot market that contradicted the OBV findings.
Yet, the overall sentiment leans towards buyers enjoying a short-term advantage.
Disclaimer: The information provided is the author’s personal opinion and should not be considered as financial, investment, or trading advice.