More

    POPCAT Aims for 30% Rally, 1:4 Risk-Reward Opportunity

    The post POPCAT Aims for 30% Rally, 1:4 Risk-Reward Opportunity appeared first on Coinpedia Fintech News

    Amid this price correction, Popcat (POPCAT), a popular Solana-based meme coin appears bullish and has formed a perfect buying opportunity with an excellent risk-reward ratio. The potential reason for this bullish outlook is the meme coin’s daily chart pattern and bullish price action.

    POPCAT Technical Analysis and Upcoming Levels

    According to the expert technical analysis, POPCAT appears bullish and is currently heading towards the lower boundary of the bullish channel pattern which has acted as a strong support for the meme coin since the beginning of October 2024.

    Source: Trading View

    Based on the recent price action, whenever the POPCAT price approaches this support level, it tends to experience buying pressure and an upside rally. This time, traders and investors are expecting a similar upside rally.

    If POPCAT holds itself above the lower boundary of the bullish channel pattern, there is a strong possibility that the meme coin could soar by 30% to reach the $1.84 level in the coming days. In addition,  the current level presents a potential buying opportunity with a 1:4 risk-reward ratio.

    Bullish On-Chain Metrics 

    Despite this positive outlook, POPCAT’s on-chain metrics hint at mixed sentiment. According to the on-chain analytics firm Coinglass, its Long/Short ratio currently stands at 0.90, indicating bearish sentiment among traders. Additionally, POPCAT’s open interest has dropped by 12% over the past 24 hours, reflecting the liquidation of traders’ positions, which is comparatively higher than the previous day.

    Source: Coinglass

    The combination of falling open interest and a long/short ratio below one indicates weak bearish sentiment among traders, as new positions are not being built up.

    Current Price Momentum 

    As of now, POPCAT is trading near $1.44 and has registered a price decline of over 11% in the past 24 hours. During the same period, its trading volume dropped by 30%, indicating lower participation from traders and investors amid the ongoing price decline.

    Related articles

    Donald Trump Appoints Paul Atkin as New SEC Chair, Fact or Rumor?

    The post Donald Trump Appoints Paul Atkin as New SEC Chair, Fact or Rumor? appeared first on Coinpedia Fintech News As the cryptocurrency market experiences a price correction, several social media posts claim that President-elect...

    Time to Buy Cardano? $230M ADA Outflows Signal Bullish Rally

    The post Time to Buy Cardano? $230M ADA Outflows Signal Bullish Rally appeared first on Coinpedia Fintech News The recent election results have shifted overall market sentiment. Amid this, Cardano (ADA) along with other major...

    South Korea Martial Law Triggers Crypto Market Crash : Bitcoin and Altcoins Plunge

    The post South Korea Martial Law Triggers Crypto Market Crash : Bitcoin and Altcoins Plunge appeared first on Coinpedia Fintech News In the latest development, Cryptocurrency prices plunged and exchanges were paralyzed after South Korean...

    Stay Alert of Crypto Scammers in Holiday Season

    The post Stay Alert of Crypto Scammers in Holiday Season appeared first on Coinpedia Fintech News As the holiday season starts and people are busy shopping and enjoying themselves, scammers are getting busy as well....

    Bitcoin Price Analysis: Will BTC Break $98.7K or Fall to $90K?

    The post Bitcoin Price Analysis: Will BTC Break $98.7K or Fall to $90K? appeared first on Coinpedia Fintech News Bitcoin (BTC) price has failed to rally beyond the crucial threshold of around $98.7k in the...

    Latest articles

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here