- Popcat gained 99.24% over the past thirty days.
- With strong upward momentum, Popcat can make more gains if selling activity on the spot market cools down.
Over the past month, Popcat [POPCAT] has experienced remarkable growth on its price charts. During this period, the memecoin surged from a local low of $0.12 to a high of $0.44.
At the time of writing, Popcat was trading at $0.40, reflecting an impressive 99.24% increase over the last thirty days.
This bullish trend extends to the weekly and daily charts, with gains of 53.9% and 7.9%, respectively.
This recent price surge highlights a strong 3-step reversal, following last year’s major breakdown when the memecoin plummeted by 94%, dropping from $1.90 to $0.12.
Source: TradingView
The major steps driving Popcat’s current momentum are as follows:
First, Popcat successfully broke out of its downtrend a week ago, and this breakout has held steady since.
Secondly, Key Resistance Retest: The memecoin has retested the critical $0.38-$0.40 resistance zone, positioning it for further upward movement.
LastlyMassive Weekly Gains: Over the past week, Popcat has surged by an impressive 55%, signaling increasing demand. High demand often precedes price increases, reinforcing the bullish outlook.
The completion of these steps suggests that Popcat is well-positioned to sustain its current upward trend, provided other factors remain constant.
Can Popcat hold recent gains?
According to AMBCrypto’s analysis, Popcat is experiencing strong bullish sentiments, leading to a sustained upward momentum.
Source: Santiment
For starters, this bullishness is evidenced as the memecoin’s Funding Rate aggregated by exchange has held positive over the past 6 days. A positive Funding Rate for such a long period reflects a sustained demand for long positions.
As such, investors are betting on prices to rise, thus, they pay shorts to hold their positions during downturns.
Source: Messari
Additionally, looking at the Futures Buy/Sell Volume Ratio, the markets are recording more Futures buy volume for Popcat than sell volume.
Although buying volume has declined, at press time, it sat at $41.63k while selling volume sat at $23.24K. This positive imbalance means that buyers are more active and dominant in the Futures market.
Source: Coinalyze
AMBCrypto observed this bullishness in the Futures, as most of these buyers are entering the market and going long.
Popcat’s Long/Short Ratio showed that 58% of Futures accounts were longs while 41% were shorts.
Therefore, there are more bullish sentiments in the Futures market, implying that investors expect prices to rise in the near term.
What’s next for the memecoin
Recent price movements indicate that Popcat is well-positioned for further gains on its charts. However, the memecoin faces challenges related to spot market sentiment.
Over the past five days, spot netflow has consistently shown positive values, which suggests that investors who have been underwater since February are now selling as they return to profitability.
This selling pressure could impact Popcat’s ability to sustain its upward momentum.
Source: Coinglass
For the memecoin to continue with the uptrend, spot activities have to turn into accumulation rather than selling.
If this demand is finally realized, Popcat could make more gains, rising to $0.54. However, if sellers in the spot market continue dominating, a pullback to $0.351 is inevitable.
