Popcat emerged as the highest gainer this week, pushed by improved dealer sentiment and a pointy rise in its futures open curiosity.
Popcat (POPCAT) rose over 35% within the final seven days, hitting a brand new all-time excessive of $1.26 on Oct. 5. Most of those good points got here throughout the final 24 hours. the token rose 20.6% from its intraday low of $0.98.
The Solana-based token was additionally up 112% over the previous month, making it the second-largest gainer among the many high 100 cryptocurrencies, boasting a market cap exceeding $1.2 billion, in response to CoinGecko.
One of many key bullish arguments for Popcat is its extensively distributed possession, with giant holders controlling simply 17% of the whole provide per CoinCarp knowledge.
The identical can’t be stated for its rivals like Bonk (BONK) and Shiba Inu (SHIB), that are much more concentrated, with the highest 10 wallets holding 52% and 61% of the availability, respectively.
This makes Popcat much less susceptible to “whale” manipulation and affords a extra secure, balanced buying and selling atmosphere.
Bulls stay in management
The coin’s futures open curiosity is up 344% to a report $191.11 million, signaling that merchants are closely positioning for additional value good points.
On the 1D POPCAT/USDT chart, the current value motion has pushed the token above the higher Bollinger Band, presently at $1.865, confirming the sturdy upward momentum.
Nevertheless, this additionally implies that the token has reached an overbought zone. That is strengthened by the Commodity Channel Index spiking to 222.2, properly above the 100 threshold that signifies overbought circumstances.
Though these technical alerts counsel the potential for a market correction, the token’s profitable retest of the higher Bollinger Band earlier at the moment reinforces the concept that bulls stay in management.
This might level to continued upward momentum within the brief time period, though merchants ought to nonetheless train warning as a result of overbought indicators.
Value predictions
Dealer sentiment on X aligned with the technical outlook as market observers identified that Popcat was in value discovery, which means the token might print new highs quickly.
In keeping with analyst Altcoin Sherpa, Popcat has damaged out of a key buying and selling vary, including that so long as the value of Bitcoin stays secure, the upward pattern might proceed, probably focusing on the $2 mark. See under.
One other observer, Murad, supplied an much more bullish outlook, predicting the meme coin might attain a value goal of $5, a 300% surge from its present stage of $1.24.
In the meantime, one other pseudonymous analyst, ‘TraderSz,’ famous that POPCAT breached a key resistance stage of round $1.20 and is now heading in the direction of the subsequent main resistance at $1.50.
On the time of writing, Popcat was buying and selling at $1.24. Whereas it stays to be seen if the meme coin can maintain this stage, neighborhood sentiment seems optimistic, with knowledge from CoinMarketCap exhibiting that 69% of merchants, out of 4,473 votes, are bullish on its future prospects.
As beforehand reported by crypto.information, crypto evaluation agency Cryptonary predicted that Popcat might attain a value goal of $40 throughout the present bull run, pushed by sturdy neighborhood help, the so-called “meme coin supercycle,” and its rising prominence within the Solana ecosystem.
The creator of the Popcat meme coin hasn’t been explicitly named. The token’s reputation stems from a meme of a cat named Oatmeal chirping at a bug. The video, that includes alternating photos of Oatmeal with its mouth open and closed, rapidly became a GIF.
It will definitely went viral. College students from the College of Sheffield in England created a Popcat-inspired sport that revolves round clicking a picture of Oatmeal to generate factors.