- POPCAT price surges in 24 hours, leading market gains.
- Chaikin Money Flow and On-Balance Volume show bullish trends.
- Price targets: potential rise to $1.55 all-time high, or drop to $0.90 if support fails.
POPCAT, the Solana-based meme coin, has emerged as the top gainer in the cryptocurrency market, registering an impressive price increase over the past 24 hours.
This remarkable rally follows a brief period of decline earlier in the week, signaling a potential resurgence in buying pressure that could propel POPCAT towards reclaiming its all-time high of $1.55.
The recent price action marks a significant reversal from the bearish divergence previously observed between POPCAT’s price and its Chaikin Money Flow (CMF).
This technical indicator, which tracks capital flows in and out of an asset, has now aligned with the price trend, showing an upward movement and positioning itself above the zero line at 0.03. This synchronization between price and CMF suggests strong buying interest, lending credibility to the current rally.
POPCAT’s OBV shows upward trend
Further bolstering the bullish narrative, POPCAT’s On-Balance Volume (OBV) indicator is trending upward, currently standing at 30.02 million. The OBV, which measures buying and selling pressure based on volume, indicates that more investors are accumulating the asset, potentially driving further price appreciation.
Source: Coinglass
The positive sentiment extends to POPCAT’s futures market, where the funding rate across cryptocurrency exchanges stands at a bullish 0.014%. This metric suggests that derivatives traders are positioning themselves for continued price increases, reflecting broader market optimism.
Currently trading at $1.35, POPCAT sits just above its $1.27 support level and 14% below its all-time high. If the current market momentum persists and demand remains robust, POPCAT could potentially challenge and surpass its previous peak at $1.55.
However, market participants must remain vigilant to potential downside risks. A surge in profit-taking could push POPCAT below its current support level, potentially triggering a decline towards the $0.90 mark.
