Following the popularity of dog and frog-themed tokens, cat-related cryptocurrencies have now become the new focus, with the top three feline-inspired tokens achieving impressive new highs.
On November 13th, the price of Popcat [POPCAT] skyrocketed to an all-time peak of $2, leading the pack. Shortly after, Cat in a Dogs World [MEW] and Mog Coin [MOG] also reached record highs on the 14th of November.
Bullish Market Trends
When observing the daily trading chart, it becomes evident that POPCAT has consistently been on an upward trend. Although a price correction occurred after hitting $1.7, resulting in a temporary loss of bullish momentum dropping the price to $1.2 earlier in November.
Despite this minor setback, the bulls demonstrated remarkable strength by turning the previous resistance level into support while concurrently achieving an all-time high. At the current moment, POPCAT is trading at $1.91, with data from CoinMarketCap recording a 30% surge in value within 24 hours.
Technical analysis also indicates favorable conditions for this meme token. The 50-day EMA (Exponential Moving Average) crossing above the 100-day EMA demonstrates a strong overall uptrend.
Moreover, a slight decline in the On-Balance Volume (OBV) to 136.753 million hints at a potential reduction in buying pressure.
In a scenario where investors decide to sell, leading to rejection at the current resistance level of $1.99, the price could find support at the former resistance level turned support at $1.7.
A breach below the 50-day EMA might weaken the bullish momentum, and a further drop below $1.2 could shift market sentiment towards bearish tendencies.
Nevertheless, the Relative Strength Index (RSI) stands at 64.51, suggesting that the asset is not currently overbought, leaving room for further growth if the bullish trend continues.
Future Outlook for POPCAT
Market analysts are also highly optimistic about the prospects of this Solana-based token.
Murad, a well-known crypto analyst, confidently stated that POPCAT is on track to reach $5, expressing not just a possibility but an expectation of this target being achieved.
He mentioned,
“Anticipating a substantial surge in the value of $POPCAT in the coming weeks.”
Adding to the positive sentiment, another analyst, Muro, highlighted POPCAT’s recent breakout from a descending trend line, indicating a potential for further price hikes in the near future.
Derivatives Data Point Toward…
Aside from the price action, derivative instruments also show encouraging signs for this asset.
As per information sourced from Coinglass on CryptoCrypto, trading volume witnessed a significant 53.56% increase, reaching $2.01 billion, while Open Interest surged by 29.68%.
These metrics signify heightened interest and commitment from investors.
The positive Funding Rate further supports a bullish bias in the market, along with the close long/short ratio of 0.99 indicating a balanced sentiment slightly inclined towards long positions over the last 24 hours.
Combined, these indicators point towards a positive outlook in the market, reinforcing the potential for further upward movements in the value of POPCAT.