The Popcat token resumed its bullish trend on Thursday, making it one of the best-performing cryptocurrencies. It formed a bullish engulfing pattern, reaching a high of $1.3715. It has jumped by more than 30,000% from its lowest point this year, bringing its market cap to over $1.3 billion.
Popcat token is soaring
Popcat has transitioned from a relatively small token into the seventh-biggest meme coin in the industry. This growth happened as the number of holders continued rising, nearing the important level of 80,000.
Popcat’s popularity also happened as demand for Solana meme coins jumped. Data by CoinGecko shows that all Solana meme coins have a market cap of over $10 billion, making them bigger than many popular companies like Lazard, Xerox, DropBox, and Ambarella.
Popcat has continued gaining traction even in the futures market, where open interest has continued to rise. Data by CoinGlass shows that the open interest rose to over $213 million on Thursday. It has been in a consistent uptrend after bottoming at $17 million in August.
Popcat’s daily traded volume has also continued rising, and has averaged over $110 million in the past few weeks. This trend is a sign that investors are embracing the fear of missing out (FOMO).
Popcat’s performance mirrors the performance of other meme coins that have surged this year. Some of the most notable ones are Dogwifhat (WIF), Book of Meme, and Turbo.
These tokens have become more popular among traders for their ease of creating millionaires compared to large-cap coins like Bitcoin and Ethereum. Bitcoin has risen by about 160% this year, while popular meme coins have soared by over 1,000%.
Popcat price analysis
Popcat chart by TradingView
The daily chart reveals that the Popcat token has been in a strong bull run this year. It recently crossed the important resistance level st $1, a psychological point and the highest level in July.
Popcat token has moved slightly above the first resistance level of the Woodie pivot point at $1.2585. It has also formed a bullish engulfing candlestick, one of the most popular reversal patterns.
The Relative Strength Index (RSI) has continued rising and remains above the ascending trendline.
Therefore, Popcat will likely continue rising as the FOMO sets in in the coming weeks. More gains above the all-time high of $1.4818 will point to more gains in the near term. If this happens, it will raise the chances of it reaching $2.
