The previous few weeks have been unfavorable for Popcat (POPCAT), the favored Solana-based meme coin, however now, wanting on the present worth motion, it appears the market sentiment is shifting. As of at this time, February 9, 2024, POPCAT is gaining vital consideration from crypto lovers and is poised for large upside momentum.
POPCAT’s 40% Rally
POPCAT is presently buying and selling close to $0.305 and has skilled a worth surge of over 40% up to now 24 hours. This large upside rally has shifted the present worth motion in the direction of the bullish facet, leading to notable participation from merchants and buyers. In consequence, the meme coin’s buying and selling quantity surged by 38% throughout the identical interval.
This participation doesn’t simply come following the large worth surge, but additionally after the value reached the bullish breakout stage.
POPCAT Technical Evaluation and Upcoming Degree
In keeping with skilled worth motion, POPCAT has efficiently shaped a bullish long-falling wedge worth motion sample on the each day timeframe and is presently on the verge of a breakout. Within the latest worth drop, the meme coin misplaced a number of essential help ranges, together with $1.12, $0.70, and $0.30.
Nonetheless, with 40% upside momentum, the meme coin appears to have regained the help stage and is poised for a bullish breakout.
Based mostly on the latest worth motion, if POPCAT sustains this achieve, breaches this sample, and closes a each day candle above the $0.40 stage, there’s a robust chance the meme coin may soar by 80% to succeed in the $0.70 stage, then step by step in the direction of the $1.12 stage, and past.
As of now, the meme coin is buying and selling under the 200 Exponential Transferring Common (EMA) on the each day timeframe, indicating that it’s in a downtrend.
$2.15 Million of POPCAT Influx
With this bullish worth motion, some whales and long-term holders have been dumping their holdings onto exchanges, as reported by the on-chain analytics agency Coinglass. Knowledge from the spot influx/outflow reveals that exchanges throughout the crypto panorama have witnessed an influx of over $2.15 million value of POPCAT meme coin, which not directly hints at a possible sell-off for revenue reserving.
Nonetheless, such inflows onto exchanges after rallies could cause promoting strain and an additional worth drop, although the market has not reacted a lot, which additionally hints on the sustainability of merchants and buyers.