In a significant whale maneuver, over 39,800 SOL coins (worth over $5.7 million) were removed from Binance. Those coins were used to buy 10 million Popcat (POPCAT) tokens, and the transaction was observed on Lookonchain. Consequently, the POPCAT price surged 25% during the past two days.
When writing, the POPCAT crypto traded at $0.613. It has remained neutral in the past 24 hours. This token’s market capitalization was $598.15 Million, and the 24-hour trading volume was $111.88 Million.
Will the POPCAT price keep surging?
The POPCAT price has been rising, supporting a major trendline for the past few months. The bullish momentum has been generated on the trendline, and the price has surpassed the 20-day EMA.
Levis (@LevisNFT), a renowned crypto analyst, has also shared information regarding the Popcat token price in his tweet. He tweeted that the Popcat crypto price has kept rising by defending its last swing low.
The price has taken support on the trendline and has gained bullish momentum. It needs a spark to approach the psychological level of $1.
he bullish candlesticks on the trendline might attract buyers, leading to a bullish forecast. If the buyers remain strong, the POPCAT price may record a new all-time high.
Technical Analysis of Popcat Price on a Daily Timeframe
Buyers seem strong, as it has defended the ascending trendline many times. The Popcat coin price has taken support on the trendline and has gained around 25% by exceeding the 20-day EMA.
Assuming the digital asset price sustains over the 20-day EMA, it could be a buying signal. POPCAT price could approach the $1 mark within a week.
Suppose the POPCAT price smashes the psychological level of $1; buyers may eye for a new all-time high (ATH). If the technical chart attracts investors, then buying momentum for the long term can be anticipated.
Alternatively, sellers may become interested if the buyers lose momentum and the price slips below the 20-day EMA. Assuming the price starts trading below the trendline, then sellers may dominate. Most sellers could prefer to book profit, which may lead to sharp selling.
Turning to the technical indicators, the RSI has generated a bullish crossover with the RSI-based moving average. In Bollinger Band (BB), the price has just surpassed the base BB and is heading for the upper BB. The majority of technical indicators have been in favor of bullish forecasts.
POPCAT Price Analysis Based on Technical Chart
Based on the technical analysis provided, the POPCAT price appears to be at a crucial point. The bullish momentum, supported by the golden crossover in the RSI, suggested a potential for upward movement.
Suppose the price sustains above the 20-day EMA and continues to attract buyers. If this happens, there is a possibility of approaching the $1 mark within the week.
Monitoring the market closely for any signs of a shift in momentum is essential, like a drop below the 20-day EMA. It could attract sellers. The indicators point toward a potential bullish outlook for POPCAT.
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