- POPCAT has seen a double-digit value hike previously 24 hours.
- This has been because of the surge in its dialogue charge throughout that interval.
Solana [SOL]-based meme coin Popcat [POPCAT] leads the cryptocurrency market because the asset with probably the most social exercise previously 24 hours, inflicting its value to realize by double digits throughout that interval.
In a put up on X (previously Twitter), on-chain information supplier Santiment famous that the surge within the meme coin’s dialogue charge has been because of a quick rebound in Bitcoin’s [BTC] worth above $67,000 throughout the intraday buying and selling session on the twenty second of April.
🗣️🥳 #Altcoin markets are using excessive as #Bitcoin‘s rebound again above $67K has allowed income to renew redistributing into extra speculative #cryptocurrency property. In keeping with @santimentfeed‘s dashboard, the tokens receiving the very best enhance in dialogue are:
— Santiment (@santimentfeed) April 23, 2024
At press time, POPCAT traded at $0.36, recording a 25% value hike within the final 24 hours, in line with CoinMarketCap. Inside the identical interval, its each day buying and selling quantity elevated by 99%.
Within the final week, the meme coin’s worth has grown by over 200%.
Rally might proceed within the brief time period
In keeping with Santiment, POPCAT stays at “a better threat of a correction till FOMO dies down.”
Nonetheless, an evaluation of some key technical indicators revealed that the meme coin’s value might lengthen its positive aspects within the brief time period.
First, its key momentum indicators noticed on a 24-hour chart confirmed a gentle enhance in demand for the meme coin.
As of this writing, the values of its Relative Power Index (RSI) and Cash Circulation Index (MFI) had been 63.53 and 67.67, respectively.
These values confirmed that POPCAT’s shopping for strain outpaced promoting momentum amongst market individuals.
Equally, the meme coin’s Chaikin Cash Circulation (CMF)—which measures the move of cash into and out of the asset—trended upward. As of this writing, POPCAT’s CMF was 0.31.
A CMF worth above zero is an indication of market power, because it signifies that the market is being provided with the liquidity essential to maintain a value rally.
Confirming the present bullish development, POPCAT’s Elder-Ray Index returned a constructive worth at press time.
The indicator measures the connection between the power of the altcoin’s consumers and sellers available in the market. When it’s constructive, it signifies that bull energy is dominant available in the market.
On the time of press, SOL’s Elder-Ray Index was 0.29. The indicator has returned solely constructive values because the twenty first of April.
Learn Solana’s [SOL] Value Prediction 2024-25
Likewise, POPCAT’s MACD (blue) line initiated an uptrend and crossed above its sign (orange) and 0 traces on the twenty first of April, signaling the graduation of a brand new bull cycle.
When a crossover like this happens, it’s considered as a robust bullish sign. It signifies that the asset will not be solely experiencing a surge in bullish momentum however can also be transitioning into constructive territory.