POPCAT Trades Near ATH: Key Metrics Suggest Potential Upmove Ahead

POPCAT, a Solana-based memecoin, was trading in a sustained uptrend and hovered near the blue sky zone. The move highlights positivity among investors.

Since its launch, the memecoin has been in a solid uptrend, riding the bullish wave. It recorded a surge of more than 4500% till now.

POPCAT recently marked its All-Time-High (ATH) mark of $0.995, gaining momentum. However, slight profit booking was noted last week, and the token stays close to the highs.

The memecoin is poised to ascend. Its next bullish leg could be around the $1 mark. Once it reaches that mark, it could deliver a massive rise and could soar by over 20%.

POPCAT Price Action Hints an Extended Rally Ahead

The daily chart price action shows sustained buying pressure and follow-on buying activity. Higher high swings continued to appear on the bigger timeframe, demonstrating an uptrend.

Trading above the key moving averages, the downside was capped at $0.7500. The memecoin is set to take off.

At press time, POPCAT was trading at $0.890 with an intraday surge of 16.36%, reflecting bullishness. It has a market cap of $872.47 Million and ranked 90 in terms of market cap.

Meanwhile, the absence of a volume spike suggests investors are not comfortable accumulating POPCAT at the highs. They were waiting for a significant dip to add further longs.

The RSI curve sailed in the overbought zone at 60, and a positive crossover was noted. Per the Fib retracement levels, POPCAT stayed above the 61.8% zone and was close to the 78.3% zone near the $0.9200 mark.

Social Dominance and Weighted Sentiment Data Overview

This week, the social dominance data noted a sharp reversal and a drop of over 22%, revealing a dynamic change. Amidst the price consolidation at the highs, speculative interest significantly declined.

Likewise, the weighted sentiment data observed a decline and dragged below the zero line, noted at -0.762. This negative reading implied a change in sentiments, and investors looked in a dilemma.

Futures Open Interest at Three Months High

Following the impressive price rise, the traders have continued to bet on the long side and made significant positions. This led to a significantly higher rise in the OI data.

Notably, it has reached a three-month high; a rise of over 21.89% to $61.59 Million was noted in the last 24 hours.

POPCAT Open Interest Data | Source: Coinglass

If POPCAT dips and retests the 20-day EMA mark, it may take support around $0.8200 and $0.7500. But, if it crosses the $0.9000 mark, it may reach the upside zone of $0.9300, followed by $0.9800.

Is POPCAT Set to Reach the $1 Mark?

POPCAT stayed beyond the key moving averages and decisively held gains in the blue sky zone. Its technicals look robust, and the memecoin is set to outperform.

Once it crosses its previous ATH mark of $0.995, the next bullish leg will be beyond the $1 mark. Additionally, a massive bull rally can be seen ahead.