Popcat experienced a significant bullish trend last week, coinciding with the overall rise in the cryptocurrency market.
Popcat (POPCAT) has skyrocketed 95.7% in the past seven days, rising from $0.393 on August 19 to a peak not seen since July 30. The asset has gained 2.2% in the past 24 hours alone, currently trading at $0.75.
This recent surge has pushed Popcat’s market cap above $735 million, placing it 102nd among cryptocurrencies by market cap. Its daily trading volume has reached approximately $76.4 million.
A significant driver of the price increase was the listing of Popcat perpetual contracts on Binance Futures, which, according to a recent announcement from the exchange, offer traders up to 75x leverage.
Popcat price is currently above the middle Bollinger band at $0.5595, suggesting a bullish move from lower levels. However, it remains below the upper Bollinger band set at $0.7897, suggesting there is potential room for an upside move before significant resistance is encountered.
The width between the lower Bollinger band at $0.3292 and the upper band at $0.7897 indicates moderate market volatility. The current price, close to but not touching the upper band, may indicate that although the price has recovered from lower levels, it has not yet reached overbought levels, leaving room for further upward movement.
The +DI line is at 27.7603, which is above the -DI line at 15.9105. This shows that buying pressure is currently stronger than selling pressure.
The DMI setup highlights the ongoing positive sentiment as the +DI remains dominant over the -DI, coinciding with the bullish signal from the Bollinger Bands. With these indicators in mind, traders can look for potential buying opportunities by looking for a test of the upper Bollinger Band at $0.7897 in the near future, unless new market momentum emerges to reverse the current trend.
The RSI reading is 62.73, which is well above the neutral threshold of 50, but still below the typical overbought reading of 70. This indicates a steady uptrend without moving into overbought territory, suggesting that while the market is strong, there is potentially more room for price to rise before it becomes overextended.
