POPCAT defies crypto market trends – Can the memecoin rally 25% next?
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Posted: December 12, 2024
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- POPCAT’s spot inflow/outflow showed that exchanges have started to witness outflows.
- With strong traders’ and investors’ interest, POPCAT could soar by 25% to reach the $1.53 level.
Popcat [POPCAT], the popular Solana [SOL]-based memecoin, has been gaining notable interest from crypto enthusiasts as it defied major cryptocurrencies including Bitcoin [BTC], Ethereum [ETH], and Dogecoin [DOGE].
As of the 11th of December, the overall cryptocurrency market appeared to be facing a price correction, resulting in a decline in prices.
Amid this price decline, POPCAT had recorded a price gain of over 6.5% in the past 24 hours and was trading near $1.25. During the same period, its trading volume dropped by 23%, indicating reduced participation from traders.
Whale and traders rising interest
However, considering the current market sentiment and POPCAT’s opposite price momentum, interest and confidence from whales and institutions appeared to be rising, as reported by on-chain analytics firm Coinglass.
Data from POPCAT’s spot inflow/outflow showed that exchanges have started to witness outflows.
Meanwhile, the amount of POPCAT outflow isn’t significant, but it reflected long-term holders’ interest in the memecoin despite the market-wide price decline.
In the cryptocurrency context, “outflow” refers to the movement of assets from exchanges to wallet addresses, which potentially indicates a bullish signal and suggests a perfect buying opportunity.
In addition to long-term holders, traders’ interest and confidence in the memecoin have skyrocketed over the past 24 hours.
According to data from Coinglass, the POPCAT Long/Short Ratio was 1.008, the highest level since early November 2024. This ratio reflected a strong bullish sentiment among traders.
Source: Coinglass
POPCAT: Upcoming levels
According to AMBCrypto’s technical analysis, POPCAT has started to experience upward momentum after bouncing off a crucial support level at $1.12.
This recovery aligns with increased interest from investors and traders, indicating a strong possibility of continued upward momentum in the coming days.
Source: TradingView
Based on recent price action, there is a strong possibility that the memecoin could surge by 25%, reaching the $1.53 level in the coming days.
Read Popcat’s [POPCAT] Price Prediction 2024–2025
Additionally, POPCAT’s Relative Strength Index (RSI) was approaching the oversold area, further supporting the likelihood of a potential upward rally.
Thus, it appears that bulls are dominating the asset and could support the memecoin against any price declines in the coming days.
