Popcat (POCAT), a popular Solana-based meme coin, has been making waves in the cryptocurrency market by outperforming major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). On October 23, 2024, while major cryptocurrencies were struggling to gain momentum, POPCAT surged by over 12%, topping the crypto market.
The remarkable price increase of POPCAT can be attributed to the continuous support from investors and traders who have been actively betting on the meme token. According to on-chain analytics firm Coinglass, POPCAT’s Long/Short ratio currently stands at 1.03, indicating a strong bullish sentiment among traders. Additionally, the open interest for POPCAT has increased by 16.2% in the past 24 hours, showing a steady rise in trader confidence.
The growing open interest suggests that traders have a strong belief in the meme coin and are likely placing more bids on long positions compared to short positions. Traders and investors often use a combination of rising open interest and a long/short ratio above 1 as indicators for building long positions.
In terms of technical analysis, POPCAT has been trading within a range of $1.2 and $1.5 for the past two weeks. Currently, the price is near the upper boundary, which is acting as a strong resistance level. If POPCAT manages to break this resistance level and close a daily candle above $1.5, there is a strong possibility that it could reach a new high in the coming days. However, failure to breach the $1.50 level may lead to a price decline in the near future.
As of now, POPCAT is trading around $1.44, experiencing a price surge of over 13% in the past 24 hours. The trading volume has also increased by 5%, indicating growing participation from traders and investors compared to the previous day.
Overall, POPCAT’s impressive performance in the crypto market showcases the strong support and confidence from traders and investors. With favorable technical indicators and a bullish sentiment, POPCAT may continue to attract attention and potentially reach new milestones in the near future.