POPCAT Breaks Its Consolidation, Eyes on 25% Rally?
Popular Solana-based meme token Popcat (POPCAT) is poised to gain significant upward momentum thanks to a bullish price action pattern forming on the daily time frame. Since the start of the new year, the entire cryptocurrency market appears to be recovering, including Bitcoin (BTC), Ethereum (ETH), and XRP.
Amid a potential rebound in the market, POPCAT has surged more than 10% in the past 24 hours and is currently trading near $0.84. This significant price surge has contributed to a bullish pattern for the meme coin.
POPCAT Technical Analysis and Upcoming Levels
According to expert technical analysis, POPCAT recently broke out of a long-term consolidation zone and closed above that level, confirming a successful breakout.
Based on the recent price action, following this breakout, the Meme coin is likely to surge by 25% to reach the $1.10 mark in the near future.
Bullish on-chain indicators
This breakout has attracted significant attention from traders and investors over the past 24 hours, resulting in a 25% increase in trading volume and an 18% increase in POPCAT open interest. On-chain analytics firm Coinglass said this highlights the growing interest among traders and investors as they seek to take advantage of consolidation breakouts.
POPCAT spot inflow/outflow data shows that the exchange experienced $1.7 million worth of POPCAT outflows. This suggests that long-term holders have withdrawn from these famous meme coins following the breakout, indicating underlying upward momentum and increasing buying pressure.
At press time, the main liquidation levels were at $0.826 on the lower end and $0.908 on the upper end, with traders being overleveraged at these levels, according to Coinglass data.
If market sentiment remains unchanged and the price rises to $0.908 levels, short positions worth nearly $5.52 million will be liquidated. Conversely, if sentiment changes and the price drops to $0.826 levels, long positions worth nearly $4.42 million will be liquidated.
