Outside Source
Popcat emerged as the top gainer of the day, fueled by improved community sentiment and a notable jump in its futures open interest.
Popcat (POPCAT) is up 13.6% in the past 24 hours and is trading at $1.37 at the time of writing. Its price has also appreciated 90.5% over the last 30 days, with its market cap surging to $1.33 billion. A spike in 24-hour volume to $151.8 million confirms the growing interest.
The broader crypto community remained predominantly bullish on Popcat’s prospects, according to data from CoinMarketCap.
POPCAT’s price rally coincided with a rise in futures open interest. According to CoinGlass data, open interest in futures market jumped by 21% over the last 24 hours, indicating traders’ growing interest in the meme coin.
The number of Popcat holders has also surpassed 80,000, an indicator of expanding community participation and investor confidence.
On the 1D POPCAT/USDT chart, the meme coin’s price currently stands above its middle Bollinger band suggesting a potential continuation of the bullish trend. Moreover, the Relative Strength Index has fallen from its Oct. 12 overbought levels and currently stands at 60 suggesting there is still room for further gains before hitting the overbought zone again.
Meanwhile, analysts are optimistic about Popcat. Per pseudo-anonymous market analyst Trading Tank, POPCAT is currently heading toward a strong resistance level at $1.54, its all-time high which also serves as the neckline of a bullish double-bottom price action pattern.
According to the analyst, if POPCAT breaches the neckline, there is a strong possibility that the meme coin could reach a new high in the short term.
They also highlighted Popcat’s next potential targets. According to them, the meme coin faces resistance at $1.9250. Should bulls manage to break above this, the next targets could be $2.3850 and $3.310.
Other analysts have predicted much more bullish targets for Popcat.
In an Oct. 17 post on X, Trade4ddict suggested that Popcat could continue its ascent toward $4, given its recent breakout above the $1 resistance level. Analyst Murad shared a similar outlook, forecasting that POPCAT could reach $5-$6.
This article first appeared at crypto.news
