Following the rise of dog and frog-themed tokens, cat-themed tokens have now taken the spotlight, with the top three cat-related tokens achieving new peak prices.
On November 13th, Popcat [POPCAT] reached an all-time high [ATH] of $2, leading the pack. Cat in a Dogs World [MEW] and Mog Coin [MOG] closely followed suit, hitting record highs on November 14th.
Market Dominance Leans towards Bulls
Analyzing the daily chart, it’s evident that POPCAT has shown a predominant upward trend. A slight loss of bullish momentum occurred when the price dropped to $1.2 in early November after facing rejection at $1.7.
However, demonstrating resilience, the bulls converted the former resistance into support and simultaneously reached an ATH. Currently, POPCAT is trading at $1.91, with a 24-hour gain of over 30% according to CoinMarketCap data.
Technical indicators support a positive outlook for the memecoin. The 50 EMA [blue] dominance over the 100 EMA [yellow] signifies a broader uptrend.
Although there was a minor decrease in the OBV to 136.753 million indicating a potential drop in buying pressure.
If investors decide to sell, triggering rejection at the current resistance level of $1.99, the price may find support near the $1.7 level, which previously acted as resistance.
A breach below the 50 EMA could weaken the bullish momentum, and further decline below $1.2 might shift the sentiment towards the bears.
Nevertheless, with the RSI reading at 64.51, there is no overbought condition at present, leaving room for growth if the bullish trend continues.
Future Prospects for POPCAT
Analysts harbor high hopes for the Solana [SOL]-based token.
Prominent crypto analyst Murad confidently stated that POPCAT is poised to hit $5, indicating that this target is not just a possibility but an anticipation.
He mentioned,
“Anticipating significant movements from $POPCAT in the upcoming weeks.”
Reinforcing the positive sentiment, another analyst known as Muro pointed out POPCAT’s recent breakout from a descending trend line, hinting at potential highs in the near future.
Derivatives Data Insights
Aside from the price chart, positive signs were also visible in the derivatives market, indicating a promising outlook.
As per the data examined by CryptoCrypto on Coinglass, trading volume surged by 53.56%, reaching $2.01 billion, while Open Interest saw a 29.68% increase.
These figures suggest increased activity and investor dedication.
The favorable Funding Rate is a reflection of the market’s inclination towards long positions, and a close long/short ratio of 0.99 suggests a relatively balanced sentiment with a slight bias towards long positions over the previous 24 hours.
Collectively, these trends foster optimism among investors, further bolstering the potential for continued upward movement.