Popcat soars by 18% in 24 hours: Will it hit $2 in 2024?

As of press time, Popcat led by good points within the final 24 hours for the highest 100 cryptos.
Open pursuits, funding charges and aggregated liquidations all displaying positivity.

Solana [SOL] memecoins proceed to achieve momentum regardless of skepticism from many who view them as short-lived tasks. Nevertheless, Solana creators are proving doubters mistaken, with Bonk main the cost, aiming to launch a Bonk ETP that might finally pave the way in which for a future ETF.

Following this development, Popcat [POPCAT] can be making its mark. Launched in March 2024 throughout a bullish market, POPCAT is now nearing the $1 value stage, gaining greater than 18% at press time, based on CoinMarketCap.

Its 24-hour buying and selling quantity surged by over 128%, putting POPCAT on the high of the CoinGecko charts forward of all high 100 crypto by market cap together with the booming AI cash reminiscent of Bittensor (TAO), Arweave (AR), and NEAR Protocol (NEAR).

Supply: CoinGecko

With POPCAT’s spectacular value good points and quantity, the query arises: how excessive can it go in 2024?

Popcat exhibits momentum

POPCAT is displaying a powerful bullish development, with its value climbing steadily since eighth September.

On the every day chart, it has constantly seen inexperienced candles, besides for 3 days, reflecting a two-week uptrend. The fifth August market crash seems to have marked its low, as the worth hasn’t revisited that stage.

POPCAT’s present momentum suggests a possible breakthrough above the $1 value stage, which might result in additional good points. If market situations stay favorable, the worth might attain $2 by the tip of the 12 months, providing over 100% good points.

Supply: TradingView

Nevertheless, there’s an opportunity POPCAT could face resistance and stall on the $1 mark earlier than transferring increased. It might additionally expertise a short lived reversal close to the 0.61 Fibonacci stage earlier than persevering with its upward development.

If the worth drops under the current increased low, this will sign a possible reversal, and additional evaluation might be required.

For now, POPCAT continues to point out energy, and merchants are anticipating a decisive break increased.

OI-weighted funding charges and liquidations

Open interest-weighted (OI-weighted) funding charges and liquidations additional assist the bullish sentiment for POPCAT.

Evaluation from Velo reveals that futures market metrics, together with funding charges, open curiosity, and liquidations, point out sturdy market confidence in POPCAT.

The open curiosity has hit a brand new all-time excessive, retesting earlier highs, whereas the funding charges stay in optimistic territory, reinforcing the bullish outlook for the cat token.