Popcat (POPCAT) has been through a rollercoaster ride in the past few weeks, but the current market sentiment suggests a positive shift for the Solana-based meme coin. As of February 9, 2024, POPCAT is gaining significant attention from the crypto community and appears to be gearing up for a significant uptrend.
POPCAT’s 40% Rally
POPCAT is currently trading around $0.305, experiencing an impressive price surge of over 40% in the last 24 hours. This substantial rally has attracted traders and investors, leading to a 38% increase in trading volume. The surge in price and volume indicates a shift towards bullish sentiment in the market, following a breakout level breach.
POPCAT Technical Analysis and Upcoming Levels
Technical analysis reveals that POPCAT has formed a bullish long-falling wedge pattern on the daily chart, signaling a potential breakout. Despite losing crucial support levels like $1.12, $0.70, and $0.30 in recent price drops, the meme coin has regained momentum with a 40% surge. If POPCAT sustains this upward movement and closes above the $0.40 level, it could potentially soar by 80% towards $0.70 and even higher levels.
As of now, POPCAT is trading below the 200 Exponential Moving Average on the daily chart, indicating a downtrend that could reverse with the current bullish momentum.
$2.15 Million of POPCAT Inflow
On-chain analytics from Coinglass report an inflow of over $2.15 million worth of POPCAT onto exchanges, suggesting profit-taking by whales and long-term holders. While such inflows usually lead to selling pressure and price corrections, the market has shown resilience, indicating strong trader and investor confidence in the meme coin’s potential.
In conclusion, the recent surge in price and trading volume, coupled with technical indicators, point towards a potential bullish breakout for POPCAT. Traders and investors should closely monitor the price action and upcoming levels to capitalize on potential gains in the coming days.