Popcat Set to Skyrocket in September: Key Bullish PatternPopcat Set to Skyrocket in September: Key Bullish Pattern Identified
The Open Interest contracts have surged by nearly 50% in the last week indicating the aggressive participation of the derivatives traders.
The social metrics have jumped to a three month high suggesting the increasing influence of the cryptocurrency over social media platforms.
The broader crypto markets have been recovering in the recent sessions and so are the investors sentiments. As of now, the market leader Bitcoin was stabilizing above the $58,000 level and aiming for the next $60,000 level.
As per the analysts, September could be a turning point for many altcoins that's why investors are looking for some best assets to put their money at work. Among the altcoins Popcat could be the one to consider amid the market recovery.
However, the cryptocurrency faces some hurdles on the higher side at the moment, it could be the next memecoin to explode if a breakout is validated.
Let's continue our analysis as to why Popcat could be the next one to be relied upon for significant gains in September using on-chain metrics.
Future Investors Note A Massive Jump In Popcat
Popcat price noted a significant gain of over 32.3% in the last week. At the time of writing, Popcat was trading close to $0.656 with a live market capitalization of $636.8 Million. This represented a price surge of over 9.6% in the last 24 hours.
Moreover, the derivatives traders seemed to be one step ahead of the price surge. As per Santiment, an on-chain provider, the open interest data have jumped from $33 Million a week ago to $54.2 Million at the moment. This reflects a growth of nearly 50% a week indicating investors confidence over the price surge.
Moreover, the social metrics curve including social volume and social dominance were headed towards three month high values indicating growth.
The social metrics reflect the activities going on related to the cryptocurrency over social media platforms. It includes twitter news, twitter followers and active users over the various platforms like Twitter, Telegram and other platforms.
Additionally, the transaction volume surged by 41% intraday indicating heightened demand. As of now, the daily transaction volume has reached $187.47 Million. The volume to market cap ratio was 29.16% suggesting high volatility.
Is Popcat Ready For Explosion In September?
Popcat's recent 30% surge a week has placed it close to a trendline resistance of $0.65 level. The trendline resistance is a part of a symmetrical triangle pattern formed over the daily chart. A break above the trendline resistance could trigger significant gains in the short term.
Talking precisely about the levels, the $0.65 level is the resistance which may get flipped into support if the price surpasses it. Now, if the barrier is flipped into a support, the POPCAT price could rally towards the major $1 level.
On the contrary, if the price breaks below the lower boundary of the pattern, a selling pressure could dominate the trend.
Popcat currently hovers higher than the 20 and 50 day Exponential moving average suggesting a short term bullishness trend outlook.
