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Cryptocurrency News Articles
Popcat (POPCAT) Makes Waves in the Realm of Cryptocurrency, Attracting Whales and Investors
Oct 15, 2024 at 04:00 pm
The popular Solana-based memecoin Popcat [POPCAT] is making waves in the realm of cryptocurrency with its impressive price momentum and is attracting
Solana-based memecoin Popcat [POPCAT] is making waves in the cryptocurrency space with its impressive price momentum, attracting whales and investors alike.
On 14th October, blockchain-based transaction tracker Lookonchain took to X, revealing that a whale purchased $1.94 million worth of POPCAT from Binance, the leading global cryptocurrency exchange.
Whale adds 1.38 million POPCAT
According to the post on X, the whale acquired a substantial 1.38 million POPCAT tokens at an average price of $1.41. This massive purchase highlights the whale’s bullish sentiment towards the memecoin and suggests a potential upside rally for POPCAT in the coming days.
However, this large purchase follows the sell-off of $4.44 million worth of the popular meme coin Dogwifhat (WIF). Earlier, the whale had invested in WIF but incurred a loss of $4.4 million. Now, it’s shifting to POPCAT, likely due to its impressive performance over the last few days.
POPCAT technical analysis and Key levels
According to AMBCrypto’s technical analysis, POPCAT is in an uptrend, but after a significant 30% rally, it is facing a price correction.
Yet, on the daily chart, the memecoin formed a bullish three-white soldier candlestick pattern, hinting at a further rally in the coming days.
While analyzing POPCAT’s daily chart, we can observe that the memecoin might see a short-lived price correction before we see a significant upside rally.
Based on historical price momentum, if POPCAT closes a daily candle above the $1.56 level, there’s a strong possibility it could reach a new all-time high in the coming days.
Bullish on-chain metrics
This bullish outlook was further supported by on-chain metrics. According to on-chain analytics firm Coinglass, POPCAT’s Long/Short ratio currently stood at 1.30, indicating a strong bullish market sentiment among traders.
Moreover, its future open interest dropped by 10.5% over the past 24 hours. This decline in open interest suggested that a higher number of positions were liquidated than built in the last 24 hours.
Currently, 56.5% of top traders hold long positions, while 43.5% hold short positions.
As of press time, the major liquidation levels are at $1.348 on the lower side and $1.399 on the upper side, with traders over-leveraged at these points, according to the Coinglass data.
If the bull’s participation increases and the price soars to the 1.399 level, nearly $1.62 million worth of short positions will be liquidated. On the other hand, if the sentiment shifts and the price drops to the $1.348 level, approximately $2 million worth of long positions will be liquidated.
Is your portfolio green? Check the Popcat Profit Calculator
This data suggests bulls are currently dominating the asset and believe that POPCAT’s price will soar in the coming days.
At press time, POPCAT was trading around $1.36 and had seen a price decline of over 7.55% in the past 24 hours. During the same period, its trading volume increased by 40%, indicating higher participation from traders and investors, possibly due to its price drop.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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