Popcat’s (POPCAT) price has climbed by 14% over the past 24 hours, making it the top gainer in the market. This rally comes after the brief decline noted in the value of the Solana-based meme coin earlier this week.
As POPCAT experiences a resurgence in buying pressure, its price might reclaim its all-time high of $1.55. Here is why.
Popcat Makes a Comeback
BeinCrypto previously reported a bearish divergence between POPCAT’s price and its Chaikin Money Flow (CMF), which tracks the movement of money into and out of the market. This divergence occurs when an asset’s price increases while its CMF declines, suggesting that the upward trend may lack support.
However, this trend has now reversed. POPCAT’s CMF, as indicated on the one-day chart, is trending upward and currently sits above the zero line at 0.03.
When both the price and CMF are increasing, it indicates that there is strong buying interest, supporting the upward trend. This suggests that the rally is likely to continue, as there is enough momentum from both price and volume.
Read more: 12 Best Altcoin Exchanges for Crypto Trading in October 2024
Additionally, POPCAT’s on-balance volume (OBV) is in an uptrend at press time, supporting this bullish outlook. It is at 30.02 million as of this writing.
This indicator tracks the buying and selling pressure of an asset based on its volume. When it increases, it suggests that more investors are buying the asset and potentially driving the price higher.
This bullish bias is also present in POPCAT’s futures market. Currently, its funding rate across cryptocurrency exchanges is positive at 0.014%, signaling that its derivatives traders are betting on its price to continue climbing.
An asset’s funding rate is the periodic fee paid to ensure that its contract price stays close to its spot price. A positive funding rate suggests that there is a strong bullish sentiment in the market, with more traders anticipating price increases than those expecting a decline.
POPCAT Price Prediction: Why the Uptrend Must Persist
POPCAT is currently trading at $1.35, just above its $1.27 support level and 14% shy of its all-time high of $1.55. If the current market momentum persists and demand for the meme coin remains strong, POPCAT’s price could continue its upward trajectory, aiming to retest and potentially surpass its previous peak.
Read more: 11 Top Solana Meme Coins to Watch in October 2024
However, a surge in profit-taking could drive POPCAT’s price below the support line, potentially causing a decline toward the $0.90 mark.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Abiodun Oladokun
https://beincrypto.com/popcat-price-targets-1-55-all-time-high/
2024-10-18 10:00:00
