Popcat (POPCAT) Retests Breakout Level After Surging 65% Following Binance Listing

A popular Solana-based meme coin, Popcat (POPCAT) has experienced a significant 65% upside rally following its listing announcement on Binance.

POPCAT, a popular Solana-based meme coin, has seen a massive 65% rally after an announcement that Binance will be listing the token.

During this rally, POPCAT broke out of a bullish double-bottom price action pattern and is now retesting the breakout level, indicating a potential for further upside rally.

POPCAT Technical Analysis

Technical analysis by an expert shows bullish sentiment for POPCAT as it broke out of a double bottom price action pattern. According to historical price momentum, an asset tends to experience a significant upside rally after breaking out of any bullish price action pattern.

However, the current price retest is considered bullish by experts and could drive POPCAT to skyrocket in the coming days. It is highly likely to surge by 35% to the $1 or even higher level.

Price Analysis and Rising Open Interest

This bullish breakout has resulted in a 22% increase in POPCAT’s open interest (OI) in the last 24 hours, as reported by CoinGlass, an on-chain analytic firm. This rise in OI indicates growing interest from traders and investors, likely due to the bullish breakout.

At press time, POPCAT is trading around $0.752, with a price surge of over 10% in the last 24 hours. Meanwhile, its trading volume has also increased by 8% during the same period, indicating higher participation due to the recent breakout.

Major Liquidation Levels

According to CoinGlass, the major liquidation levels are currently at $0.707 on the lower side and $0.8 on the upper side, as traders are over-leveraged at these levels.

If the sentiment remains bullish and the price rises to the $0.8 level, nearly $1.15 million worth of short positions will be liquidated. On the other hand, if the sentiment shifts and the price falls to the $0.707 level, nearly $2.43 million worth of long positions will be liquidated.

This data suggests that bulls are currently driving the upward rally, while bears seem to be running out of steam.

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