In this struggling cryptocurrency landscape, the popular Solana-based Popcat (POPCAT) is projected to hit $1 due to the formation of a bullish price action pattern. On September 17, 2024, with its impressive performance, POPCAT outperformed top meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and many others.
POPCAT Price Momentum
At press time, POPCAT is trading near the $0.75 level and has experienced a price surge of over 10% in the last 24 hours. During the same period, its trading volume jumped by 10%, indicating increased participation from traders and investors amid ongoing market recovery.
POPCAT Technical Analysis and Upcoming Levels
According to expert technical analysis, POPCAT appears bullish and is currently at a crucial resistance level of $0.80 level. The potential reason for this bullish outlook is the formation of a bullish cup-and-handle price action pattern on a daily time frame.
If POPCAT breaches this resistance level and closes a daily candle above the $0.80 level, there is a strong possibility it could rise by 25% to the $1 level in the coming days.
Bullish On-chain Metrics
Currently, this bullish outlook is further supported by the on-chain metrics. Coinglass’s POPCAT’s Long/Short ratio stands at 1.032 (A value above 1 indicates bullish market sentiment among traders).
Additionally, POPCAT’s future open interest has increased by 10%, in the last 24 hours and 4% in the past four hours. This rising open interest indicates growing interest among traders amid a potential breakout.
Traders and investors often use the combination of rising open interest and a long/short ratio above 1, when building long or short positions. At present, 50.72% of bulls currently hold long positions, while 49.28% hold short positions, according to Coinglass data.
However, this bullish thesis will only hold if POPCAT closes its daily candle above the $0.80 level, otherwise, it may fail.
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