6% Rocket Rise for Popcat: Has the Meme Coin Hype Returned?
- Investors were excited after strong bullish indicators and rising trading volume pushed the price of Popcat (POPCAT) over 6%.
- Popcats momentum has become stronger, driven possibly by major announcements that have created significant buying pressure.
- Popcats current rally has been attributed to the earliest meme coin bull run, suggesting a possible return of community-driven hype.
Popcat (SOL), a meme coin based on internet culture, has experienced intensive buying pressure that saw it soar more than 6% in the last day. This sudden rise has many questioning if part of its market was driven by meme coin hype, which ruled the market earlier.
For many, it is important to note that the SOL designation is to indicate that the memecoin operates on the Solana blockchain. This differentiates from other tokens with the same name on other networks.
On the daily chart, Popcat has had a strong bullish trend for the first time over the past couple of weeks. After prices moved sideways for an extended period and dipped slightly during early April, a pattern of green candlesticks has started to appear.
Source: TradingView
The bullish volume bars under the candles have also become much clearer, which means many more traders are taking buy positions, further strengthening the price rise.
Indicators Suggest Popcats Rally May Continue
There are some indicators in support of Popcats bullish stance, such as the the Moving Average Convergence Divergence (MACD). The MACD line has also crossed above the signal line, and the momentum is in favor of the bulls.
The price is also accompanied by a rising trend in the trading volume. Although a price change supported by higher trading volume does not confirm a trend, it usually means that the trend is sustainable rather than a temporary spike.
Meanwhile, the relative strength index (RSI) of the coin is rising and is now at 74.88, a region referred to as overbought conditions. It is important to keep in mind that the RSI at this region doesnt indicate that the coins price will drop.
Rather, it indicates that it will experience a short-term cool down or sideways movement before it makes the next upward movement.
Rally Could be Fueled by Important Announcements
The buy and sell prices of Popcats chart are very close to one another, with a slight edge to buyers. This limited spread implies that trading is active and that it is strong at this price level.
There is another interesting detail on the Popcats price chart, and its the appearance of three small U.S. flags that are marked over late April. Most times, they represent significant news or events, including listings that caused a rally in the price recently.
Popcats current trends are said to be reminiscent of past rallies of meme coins like Dogecoin and Shiba Inu, which soared in response to the excitement of meme-based communities.
Read more: https://www.tronweekly.com/popcat-up-6-is-the-meme-coin-hyped-again/
Text source: TronWeekly
