POPCAT Price Continues to Rise: One Step Closer to $1 Billion Target

What Does the Recent Increase in POPCAT Price Mean for Meme Coin Investors?

The meme coin POPCAT, which is cat-themed, increased to $0.60 in early trading on Wednesday. POPCAT’s price almost reached the noteworthy milestone of a $1 billion market cap in July when it reached $0.99. This time is not any different, with the market capitalization reaching $585 million following a 10% price gain.

Is Interest in Solana Meme Coins Growing? Market Cap Decline and OI Changes

The token’s re-entry into the top 100 cryptocurrencies may spark interest in Solana meme coins even though the market capitalization has dropped once more. On the other hand, Open Interest (OI) could provide problems for this comeback. In the market, Open Interest is the total number of outstanding contracts.

More capital is being committed to contracts involving cryptocurrencies by traders, as indicated by an increase in OI. Conversely, a decline in OI denotes the possibility of closing current positions, which would reduce liquidity. POPCAT’s OI dropped to $27.80 million as of late after having previously climbed to over $30 million.

• A review of the past reveals that the price increase of meme coins has been mostly dependent on POPCAT’s Open Interest.
• Therefore, it might be difficult for the token to restart its upward trajectory if the value keeps declining.

Critical Levels for POPCAT Traders: RSI and Parabolic SAR Tips

The Parabolic SAR suggests that POPCAT may be in a prime entry position based on the daily chart. There may be a chance to sell when the dotted lines are over the asking price. On the other hand, if the lines are below the price, it indicates a good time to buy, as POPCAT is at the moment. However, the Relative Strength Index (RSI) must pass above the neutral line for the bullish outlook to be validated.

• POPCAT’s price may continue to rise, maybe reaching $0.70, if the RSI crosses over the neutral line.
• But the token might find it difficult to get there if Open Interest keeps falling.
• The price might then decrease to $0.51 or perhaps $0.40 in that scenario.

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