POPCAT jumps 13.6% as analysts eye new highs

Popcat became the biggest gainer of the day, driven by increased community sentiment and a significant jump in futures open positions.

Popcat (POPCAT) is up 13.6% in the last 24 hours and is trading at $1.37 at the time of writing. Its price also gained 90.5% in the last 30 days and its market value increased to 1.33 billion dollars. The increase in 24-hour volume to $151.8 million confirms the increased interest.

According to data from CoinMarketCap, the broader crypto community is predominantly positive about Popcat’s prospects.

POPCAT’s price rise coincided with an increase in open interest in futures. According to CoinGlass data, open interest in the futures market increased by 21% in the last 24 hours, indicating increased investor interest in the meme coin.

The number of Popcat owners also exceeded 80,000; This is an indication of increased community engagement and investor confidence.

On the 1D POPCAT/USDT chart, the price of memecoin is currently hovering above the middle Bollinger band, indicating that the uptrend may continue. Moreover, the Relative Strength Index has fallen from overbought levels on October 12 and is currently at 60, indicating there is room for further gains before hitting overbought territory again.

POPCAT 1D price, Bollinger Bands and RSI chart — October 18 | Source: crypto.news

Meanwhile, analysts are optimistic about Popcat. According to pseudo-anonymous market analyst Trading Tank, POPCAT is currently heading towards a strong resistance level at the all-time high of $1.54, which also serves as the neckline of the bullish double-bottom price action pattern.

According to the analyst, if POPCAT breaks the neckline, there is a strong possibility that the meme coin will reach a new high in the short term.

They also highlighted Popcat’s next potential targets. According to them, meme coin is facing resistance at $1.9250. If the bulls manage to break above this, the next targets could be $2.3850 and $3,310.

Other analysts predicted much more bullish targets for Popcat.

In a post on X on October 17, Trade4ddict suggested that Popcat could continue its rise towards $4 given its recent break above the $1 resistance level. Analyst Murad shared a similar opinion and predicted that POPCAT could reach 5-6 dollars.