- POPCAT price recorded a new ATH mark of $1.81 yesterday.
- ADX and positive funding rates signal sustained price rises ahead.
Popcat (POPCAT), a Solana-based cat-themed memecoin, has continued to outperform. The token recorded a new all-time high (ATH) in the overnight session of $1.81.
It has been moving within a rising parallel channel and has an inherent strength. POPCAT bulls have made their upper hand and showed their dominance.
As POPCAT experienced strong bullish momentum, the bull army was targeting to fetch the $2 mark next. The POPCAT price was trading at $1.69, noting an intraday decline of over 1.20%.
Over the last seven days, the trading volume noted a massive upsurge. That noted an upward rise of over 220%. A long-term uptrend was intact, and higher highs and higher lows were noted on the charts. It resembled the continued uptrend.
POPCAT’s Bullish Surge: Here’s a POPCAT Technical Analysis
The daily chart setup of POPCAT crypto conveyed a bullish structure. It was sailing in uncharted territory beyond the significant moving averages.
A glance at POPCAT’s technical indicators suggested the rally may extend further. The Relative Strength Index (RSI) triggered a positive divergence. That signaled an imminent follow-on surge.
Moreover, the MACD indicator plotted a positive crossover. This highlighted a potential bullish momentum. However, the 4-hour MACD line slipped below the signal line. This slip revealed a slight retracement during the intraday session.
The Average Directional Index (ADX) reading was close to 37. It indicated a strong bullish trend. Cryptojack is a crypto analyst. He highlighted in his post on the X platform that a broadening rising wedge was spotted on the daily chart.
He further stated that the POPCAT price was inching closer to the upper region of the wedge. It may reach the $2 mark before a significant dip in the coming sessions.
Meanwhile, another analyst, Murad, explained the long-term price predictions with massive targets in his tweet. He mentioned that the POPCAT crypto had breached its rising diagonal resistance and gained immense momentum.
With this aggressive bullish momentum, a rally toward the $5 mark is imminent for the upcoming sessions.
Per the Fib extension indicator, there is a possibility that the POPCAT price continue to push higher. In that case, a cross above the $1.80 mark would permit the bulls to catch the $2 and $2.20 mark next.
A drop below the $1.48 mark would lead to a significant retracement of the $1.20 mark in the following sessions.
Futures Market Data Suggests Potential For Further Upside
During the intraday session, the Open Interest (OI) noted a drop of over 3.20% to $262.81 Million. That signified a long, unwinding move over the past 24 hours.
Amidst a one-way bullish rally, the POPCAT holders were looking to book partial profits at the highs. This resulted in a significant POPCAT price drop intraday.
However, a 10-20% surge was still on the cards. Also, the memecoin will continue to deliver more upside in the coming sessions.
For the past two weeks, the OI-weighted funding rate remained positive. At press time, it was around 0.0185%. This implied a severe demand for long contracts.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
