Popcat hits all-time high flipping Bonk and Floki

Popcat has surged to new heights, outperforming popular meme coins like Bonk and Floki, thanks to a significant rise in its futures open interest.

The meme coin saw a 17.8% rise in the past day, reaching $1.66 at the time of writing. This marks an impressive 80.3% increase over the past 30 days, pushing Popcat’s market cap to $1.61 billion, up from $457 million in September.

This surge is closely linked to a massive spike in Popcat’s futures open interest, which has risen from $46.91 million at the start of September to an all-time high of $274.8 million. This jump in open interest signals increased market confidence and demand for the token.

Whale activity has also played a role in Popcat’s recent rally, with several whale wallets accumulating the token in the past 24 hours. One notable whale was even observed swapping BONK for Popcat, signaling a shift in sentiment among larger investors.

In addition, meme coin outflows from centralized exchanges have risen, which is typically viewed as a bullish sign. When tokens are withdrawn from exchanges, it often indicates that investors are holding onto their assets for the long term rather than seeking short-term profits.

Popcat’s strong performance has allowed it to surpass Bonk and Floki in terms of market cap on October 24. Bonk’s market cap currently stands at $1.56 billion, while Floki is at $1.4 billion.

Looking at the 1D POPCAT/USDT chart, technical indicators are also bullish. The Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, with the MACD line (blue) crossing above the signal line (orange), suggesting that the current momentum could continue.

The Average Directional Index (ADX), currently at 37.48, further supports the strength of Popcat’s ongoing trend, signaling that the momentum is likely to persist and could drive the price even higher.

Analysts remain bullish on Popcat’s short-term outlook. Bluntz, a well-known pseudonymous market analyst, pointed out that Popcat has recently broken out of an ascending channel. This breakout is considered a strong signal, as it demonstrates sustained buying pressure overcoming previous resistance within the channel. Such breakouts often lead to further upward movement.

Meanwhile, NW CRYPTO, another trader in the market, has speculated that Popcat could face resistance at around $0.2768, which is approximately 18.7% higher than the current price level. If the bulls manage to push through this resistance, the next key targets for Popcat could be $0.7416 and $1.4926.

Overall, the technical indicators and analyst predictions suggest that Popcat could continue its bullish momentum in the near future, potentially pushing the price to new highs if buying pressure remains strong.