[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"2d7ced7b-2bfa-442c-b781-a512ddf1d31a","updated_at":"2024-07-16T04:34:51.102+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"Within the last 24 hours, Popcat's price surged 30% to its all-time high, reaching $0.8938, with trading volume surpassing both MOG and Brett combined.","sapo":"Popcat, a meme-inspired cryptocurrency fresh forked across Solana, smashed its all-time high today. This price increase occurred as the overall cryptocurrency market sentiment, as measured by the Crypto Fear and Greed Index, stabilized after a period of increased volatility and uncertainty.","title":"POPCAT price hits ATH: Is There a Chance for Profit?","content":"

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POPCAT market performance

Popcat ($POPCAT), a memecoin in the Solana ecosystem, has broken through a local resistance area, which was also a reasonable value gap. On-chain data shows that the weighted sentiment is in the negative zone, but traders may be able to make some profits if POPCAT continues its upward trend.

POPCAT crypto

The Popcat ($POPCAT) token has now risen in price for four days in a row, setting a new all-time high of $0.8938 per token. That is an astonishing 21,900% from this year's low. With that, the market capitalization of Popcat surged to nearly $800 million to become the 9th largest meme-based cryptocurrency in the world.

POPCAT price

POPCAT price in the last 24 hours

The Popcat price increase occurred in tandem with Bitcoin's rise and that of major altcoins, making it help push the overall cryptocurrency market capitalization above $2.3 trillion. Notably, the total market capitalization for all meme-based cryptocurrencies has just jumped above $48 billion. The resurrection of the cryptocurrency market has launched the highly-watched Crypto Fear and Greed Index from 38 in the "Greed" zone to as high as the "Neutral" area at 52. Historically, crypto currencies saw an uptick in price when the Fear and Greed is in an upward trajectory.

Fear and Greed index

Fear and Greed index

The recent rally of Popcat has also been accompanied by a significant increase in its futures open interest, which hit an all-time high of $45 million. This number bottomed out at $22 million earlier this month. An increase in open interest is generally viewed as a sign of growing demand for the token.

POPCAT futures open interest

POPCAT futures open interest. Source: Coinglass

POPCAT’s trading volume surpassed Mog coin and Brett

On its part, the 24-hour trading volume of the Popcat token on centralized and decentralized cryptocurrency exchanges hit $125 million, its highest level since July 6. This trading volume came even higher than two other popular meme coins, Brett and Mog Coin, that possess larger market capitalization. In particular, the largest meme coin on the Base Blockchain, Brett, was seeing a 24-hour trading volume of $47 million; Mog Coin saw $49 million in volume.

High trade volume is not unique to the smaller meme tokens, however. For example, the 24-hour trading volume for Pepe crossed the $1,5 billion mark, beating Dogecoin at $725 million and Shiba Inu at $468 million.

It's worth noting that, similar to other meme-based cryptocurrencies, Popcat has no real value behind it, and the development team has kept silent regarding a wider ecosystem. Indeed, the official website of Popcat even says that the token is there only for amusement purposes and that nobody should count on income.

POPCAT total liquidations

POPCAT total liquidations. Source: Coinglass

Nevertheless, based on data from DEX Tools, Popcat still has over 53,000 holders hoping the price will appreciate further. Although there is a potential upside for some more upside from this meme token, according to some analysts, there is the possibility that insiders selling could just begin aggressively on this token, much like with Beercoin and DAVIDO tokens.

Popcat price prediction

Over the weekend, POPCAT itself saw its price surged from $0.6 to an impressive $0.89 within just 24 hours. The token has now met a resistance level at $0.9, and many market participants are not knowing what may happen next.

POPCAT price index

POPCAT price index

While the token's Bollinger Bands have expanded significantly, suggesting a bullish trend, its Relative Strength Index has already plunged into the overbought zone, meaning a correction could be due anytime. However, the RSI has since stabilized, which may indicate that more traders are joining the rally and, therefore, powering up the price.

The Relative Strength Index reading of Popcat is stabilizing after entering what is known as an overbought zone, where more traders are participating in the price rally for the token. This could also be interpreted to mean the token price might climb back up to the $0.9 resistance level with so many new buyers coming in to buy the token, even when technical indicators flash caution signs. On the other hand, it may also be true that Popcat might end up busting past this resistance point in the next few hours or maybe days if the buying pressure still continues.

Disclaimer: We advise readers to have a deep understanding of the crypto market before making any investment decisions. The information in this article should not be considered financial advice, and we do not take responsibility for any investment decisions made by readers.

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POPCAT price hits ATH: Is There a Chance for Profit?

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