Popcat experiences a remarkable rebound after defending its key support at $0.30. Boosted by returning buyers and increased derivative activity, the memecoin rekindles a bullish sentiment. The upcoming days will be crucial to determine if it can surpass $0.36 and target $0.40.
After dropping to $0.29, Popcat successfully maintained its support at $0.30 before surging 13.89% to reach $0.346, before slightly pulling back to $0.344 at the time of writing.
During the same period, the memecoin’s transaction volume increased by 20%, reaching $54 million, while its market capitalization jumped 13% to $337 million. After seven days of seller dominance, buyers have returned to the market to push them out. Popcat is showing a positive delta between buys and sells for the first time in seven days.
At the time of writing, Popcat recorded a buying volume of $4.58 million, compared to $3.97 million in sales. As a result, the memecoin displayed a positive market delta of $607,000, a clear sign of aggressive accumulation.
As expected, with the market rebound, investors rushed to the derivatives market to position themselves ahead of the next move. Popcat’s open interest increased by 9.14% to reach $151.9 million, while volume rose by 2.08% to $321 million at the time of writing.
Furthermore, with a futures long/short ratio exceeding 1 (1.0113 at the time of writing), this indicates that market participants are primarily taking long positions, which is a clear bullish signal.
It’s rebounding thanks to buyers returning to the market to accumulate. Consequently, the memecoin’s relative strength index has climbed to 51, entering bullish territory. Similarly, its Chaikin Money Flow rose from 0.12 to 0.19, further confirming the presence of buyers.
If buyers maintain the behavior observed over the past day, the bullish trend will continue and Popcat could reclaim $0.36 to target the resistance at $0.40. However, if this attempt fails and sellers reclaim the market, Popcat will drop below the support of $0.30 to reach $0.285.
The market is waking up and such a rise would offer nice opportunities. Here’s how to take advantage by easily buying Popcat on Bitget :
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