- POPCAT’s price has grown by over 200% in the last seven days.
- Its key indicators have hinted at the possibility of a further price rally.
Solana [SOL]-based meme coin Popcat [POPCAT] has risen by over 200% in the last week, and readings from key indicators suggest that it may extend its gains in the short term.
At press time, the altcoin exchanged hands at $0.4385. With a 205% price surge in the last seven days, it ranked as the second meme asset with the most gains during that period, according to CoinMarketCap’s data.
POPCAT has more to offer
POPCAT’s Aroon Up Line (orange) confirmed the presence of significant bullish sentiments in its market. As of this writing, the indicator’s value was 78.57%.
This indicator measures an asset’s trend strength and potential reversal points in its price movement. When the Up Line is close to 100, it indicates that the uptrend is strong and that the most recent high was reached relatively recently.
According to CoinMarketCap’s data, POPCAT clinched an all-time high of $0.4984 on 23rd April before initiating a 12% decline.
Confirming the strength of POPCAT bulls, the meme coin’s MACD line crossed above its signal and zero lines on 21st April and trended upward. This intersection suggested that the token’s short-term moving average had risen faster than its long-term moving average.
It also marked a shift in trend from negative to positive, indicating that the price rally will continue.
Regarding the demand for the meme coin, its key momentum indicators were pegged above the respective center lines at press time to indicate significant buying pressure. POPCAT’s Relative Strength Index (RSI) was 63.43, while its Money Flow Index (MFI) was 77.06.
The values of these indicators showed that market participants favored accumulation over sell-offs.
Further, the token’s Chaikin Money Flow (CMF) was in an uptrend as of this writing. At 0.36, this indicator signaled the inflow of significant liquidity into the POPCAT market.
Read Solana’s [SOL] Price Prediction 2024-25
A positive CMF value is a sign of market strength, as it shows that traders are channeling more capital towards acquiring the asset in question.
Due to the surge in POPCAT’s price, short traders in its futures market have suffered significant liquidations. According to data from Coinglass, the meme coin’s short liquidations have exceeded its long liquidations since 21st April.
Source: POPCAT /USDT on TradingView
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