• Crypto & Funx
• 26 Nov, 2024

At least three significant whale wallets have been acquiring substantial amounts of POPCAT in the past day.

Additionally, there has been a strong trend of outflows from centralized exchanges, suggesting bullish wave.

Technical analysis on the POPCAT/USDT chart shows a bullish crossover in the Moving Average Convergence Divergence (MACD) indicator.

While the broader meme coin market has been consolidating, Solana-based meme coin POPCAT has been an outperformer in the sector, hitting a new all-time high. In the last 24 hours, the POPCAT price surged by another 12% hitting its all-time high of $1.66 earlier today. Also, the daily trading volume has surged by a staggering 80% shooting past $250 million.

On the weekly chart, the meme coin is trading at a solid 25% gain outperforming its peers within the sector. Similarly, it has registered a staggering 80% gain on the monthly chart. The surge in the POPCAT price has been coinciding with a notable surge in its futures open interest which soared from $46.91 million at the start of September to a record high of $274.8 million.

With today’s price surge, meme coin POPCAT has managed to overtake well-known players such as BONK and FLOKI . This happened through the support of strong whale activity and accumulation reported for the meme coin in recent times.

A member of the One X community highlighted at least three whale wallets that have acquired significant amounts of the token in the past 24 hours, while one whale was observed selling BONK for POPCAT.

Whoever you are KEEP POPPING POPCHAD

this wallet is firing 100 sol clips every min into $POPCAThttps://t.co/dXviUvwB9v pic.twitter.com/5g2oD7PhVk

— FomoCrypto (@fomo_ALTs) October 24, 2024

Whoever you are KEEP POPPING POPCHAD

this wallet is firing 100 sol clips every min into

— FomoCrypto (@fomo_ALTs)

Furthermore, on-chain data also shows strong POPCAT outflows from crypto-centralized exchanges. Such outflows are a bullish signal suggesting that investors are opting to hold their tokens for a longer duration.

As said, these factors combined have helped POPCAT to be the lead gainer among the top 100 cryptocurrencies today. This cat-themed meme coin has thus toppled other dog-themed meme coins like BONK and FLOKI.

POPCAT Price Action Ahead

On the daily POPCAT/USDT chart, the Moving Average Convergence Divergence (MACD) indicator indicates a bullish crossover, with the MACD line (blue) crossing above the signal line (orange), suggesting the potential for sustained bullish momentum.

Additionally, the Average Directional Index (ADX) reading of 37.48 reinforces the strength of the current trend, indicating that the price may continue to rise.

Courtesy: TradingView

Furthermore, market analysts have also turned bullish on the short-term prospects of POPCAT. Crypto market analyst Bluntz pointed out that the POPCAT price recently broke out from its ascending channel.

The breakout from this pattern strongly indicates ongoing price growth, demonstrating that sustained buying pressure has surpassed previous resistance within the channel.

$POPCAT breakout as predictedUp 12% so far.

Do we believe in @MustStopMurad and hope for 5$??I'll take this level by level pic.twitter.com/2SduA7XxXP

— NW CRYPTO (@FutureCrypto55) October 24, 2024

breakout as predictedUp 12% so far.

Do we believe in and hope for 5$??I'll take this level by level

— NW CRYPTO (@FutureCrypto55)

A trader known as NW CRYPTO has suggested that the meme coin might encounter resistance at $0.2768, which is roughly 18.7% higher than the current price. They noted that if bulls manage to drive the price past this resistance level, the next targets could be $0.7416 and $1.4926.