- POPCAT has seen a double-digit price increase in the last 24 hours.
- This is due to the increase in their discussion rate during that period.
solana [SOL] pop cat based meme coin [POPCAT] leads the cryptocurrency market as the asset with the most social activity in the last 24 hours, causing its price to gain double digits during that period.
In a post on intraday trading on April 22.
🗣️🥳 #Altcoin markets are on the rise #Bitcoin The rebound above $67,000 has allowed gains to be summarized and be redistributed towards more speculative sectors. #cryptocurrencyassets . According to @santimentfeed on the dashboard, the tokens receiving the biggest increase in the discussion are:
– Sentiment (@santimentfeed) April 23, 2024
At press time, POPCAT was trading at $0.36, recording a 25% price increase in the last 24 hours, according to CoinMarketCap . In the same period, its daily trading volume increased by 99%.
In the last week, the value of the meme coin has grown more than 200%.
The rebound may continue in the short term
According to Santiment, POPCAT remains «at higher risk of correction until the FOMO subsides.»
However, an evaluation of some key technical indicators revealed that the meme coin price may extend its gains in the short term.
Firstly, its key momentum indicators observed on a 24-hour chart showed a steady increase in demand for the meme coin.
At the time of writing, its Relative Strength Index (RSI) and Money Flow Index (MFI) values were 63.53 and 67.67, respectively.
These values showed that POPCAT buying pressure outweighed selling momentum among market participants.
Similarly, the meme coin’s Chaikin Money Flow (CMF), which measures the flow of money into and out of the asset, trended upward. At the time of writing, the CMF of POPCAT was 0.31.
A CMF value greater than zero is a sign of market strength, as it indicates that the market is being supplied with the necessary liquidity to sustain a price rally.
Confirming the current bullish trend, the POPCAT Elder-Ray index returned to a positive value at the time of this publication.
The indicator measures the relationship between the strength of altcoin buyers and sellers in the market. When it is positive, it means that bullish power dominates the market.
At the time of writing, SOL’s Elder-Ray index was 0.29. The indicator has only shown positive values since April 21.
Read Solana [SOL] Price Prediction 2024-25
Likewise, the MACD line (blue) of the POPCAT began an uptrend and crossed above its signal (orange) and zero lines on April 21, indicating the beginning of a new bullish cycle.
Source: POPCAT/USDT on TradingView
When a crossover like this occurs, it is considered a strong bullish signal. It means that the asset is not only experiencing an increase in bullish momentum but is also moving into positive territory.
This is an automatic translation of our English version.
