- Popcat has experienced a bullish trend in the last month.
- The strong momentum and increased buying pressure have given the bulls a good opportunity to reach $1 soon.
Popcat [POPCAT] has surged by 34.15% in the last 24 hours of trading, with a notable increase in volume. This coincided with Bitcoin [BTC] breaking past the $60k resistance level.
The $1 psychological resistance has loomed over the memecoin, causing resistance back in July. What will happen during this current surge?
Popcat Price Targets Based on Extension Levels
Source: POPCAT/USDT on TradingView
Based on Fibonacci levels from the Popcat price drop in late August, the recent surge surpassed the 78.6% retracement level.
The market structure has been bullish since the final week of August.
The 12-hour chart’s RSI indicates bullish momentum over the past ten days, with the OBV steadily rising. This signals upward momentum due to increased buying pressure.
These indicators suggest a solid rally likely to continue, targeting the $1 and $1.18 resistance levels, as well as the local high and Fibonacci extension level.
Spot CVD Contradicts OBV Findings
The recent 23% surge led to Open Interest rising from $49.2 million to $69 million, indicating active participation from bulls in the Futures market.
Speculators are keen on going long to capitalize on the Popcat movement.
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The high Funding Rate in the past few days aligns with active participation from buyers. However, the spot CVD has remained flat for a week, indicating a balance between buying and selling in the spot market, contradicting the OBV.
Overall, buyers seem to have the upper hand in the short term.
Disclaimer: The information presented is the writer’s opinion and does not constitute financial, investment, trading, or other advice.