Last week, Popcat experienced a remarkable bullish surge, paralleling a broader uptrend in the cryptocurrency market.
Over the past seven days, Popcat’s price skyrocketed by 95.7%, rising from $0.393 on August 19 to a high not seen since July 30. In the past 24 hours alone, the cryptocurrency gained 2.2%, now trading at $0.75.
This surge has pushed Popcat’s market capitalization above $735 million, making it the 102nd-largest cryptocurrency by market cap. The asset’s daily trading volume has surged to approximately $76.4 million.
A major catalyst for this price increase was the recent introduction of Popcat perpetual contracts on Binance Futures, which offer traders leverage up to 75x, according to the exchange’s announcement.
Currently, Popcat’s price is above the middle Bollinger Band, set at $0.5595, suggesting a bullish trend from previous lower levels. However, it remains below the upper Bollinger Band of $0.7897, indicating potential for further upward movement before facing significant resistance.
The Bollinger Bands reveal moderate market volatility, with the current price nearing but not hitting the upper band. This suggests that while the price has rebounded from lower levels, it hasn’t reached an overbought condition, allowing room for further gains.
The +DI line stands at 27.76, exceeding the -DI line at 15.91, reflecting stronger buying pressure compared to selling pressure. The Directional Movement Index (DMI) reinforces the positive sentiment, as the +DI dominates the -DI, supporting the bullish indication from the Bollinger Bands.
With the Relative Strength Index (RSI) at 62.73, significantly above the neutral 50 but below the typical overbought threshold of 70, the market shows strong upward momentum without entering overbought territory. This suggests that while the market remains robust, there is still potential for price increases before reaching overextended levels.
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