Last week, the price of the Popcat (POPCAT) token experienced a significant rise, soaring by over 100%. This was attributed to a double bottom breakout and increased trading volume, indicating strong market optimism.
Current Price Analysis
POPCAT price extended the higher high pattern from last week into this week, potentially rising nearly 40% over the next seven days. Currently, POPCAT price is at $0.6299 with an intraday drop of over 9.20%, indicating profit-booking.
Technical Indicators and Forecasts
Technical indicators suggest that the token may continue its upward trajectory towards the 50% Fib level at $0.8000 in the coming sessions. Yesterday, OKX announced the listing of perpetual futures for POPCAT, which should bolster investor confidence and support the ongoing bullish trend.
Weighted Sentiment Data
Weighted sentiment data supports the positive outlook, remaining above the zero line. However, social dominance data saw a decrement, falling below the midline to 0.207. Futures open interest shed over 9.89% to $51.56 million, reflecting an unwinding of long positions over the past 24 hours.
If the token bounces from the 20-day EMA, it may form another higher high and approach the resistance mark of $0.6500, followed by $0.7000. Conversely, a drop to $0.5800, followed by $0.5500, is likely if it fails to maintain support near the $0.6100 mark.
Comments