Solana-based Popcat sees 96% jump in last 7 days

Popcat experienced a significant uptrend last week that coincided with a general rally in the cryptocurrency market.

The price of Popcat (POPCAT) has increased by 95.7% in the last seven days, reaching a peak of $0.393 on August 19, a peak not seen since July 30. The asset is up by 2.2% in the last 24 hours alone and is currently trading at $0.75.

This latest surge has pushed Popcat’s market cap to over $735 million, making it the 102nd largest cryptocurrency by market cap. Daily trading volume has reached around $76.4 million.

According to the exchange’s latest announcement, one of the key drivers behind this price increase was the listing of Popcat perpetual contracts on Binance Futures, which offer traders up to 75x leverage.

As of now, Popcat’s price is positioned above the middle Bollinger Band at $0.5595, which suggests a bullish move from the lower levels. However, it remains below the upper Bollinger Band at $0.7897, which suggests potential room for an upward move before it faces significant resistance.

POPCAT 1D chart – August 26 | Source: crypto.news

The width between the lower Bollinger Band at $0.3292 and the upper band at $0.7897 indicates moderate market volatility. The current price approaching the upper band but not touching it could mean that the price has rebounded from lower levels but has not yet reached an overbought state, providing room for further upside movement.

The +DI line is at 27.7603, while the -DI line is higher at 15.9105. This suggests that buying pressure is currently stronger than selling pressure.

The DMI setup highlights the ongoing positive sentiment with +DI remaining dominant over -DI and in line with the bullish signal from the Bollinger Bands. Given these indicators, traders can look for potential buying opportunities by waiting for a test of the upper Bollinger Band at $0.7897 in the near future unless new market dynamics emerge that will change the current trend.

The RSI reading sits at 62.73, which is significantly above the neutral threshold of 50 but still below the typical overbought sign of 70. This indicates strong upward momentum without diverging into overbought territory, suggesting that while the market is strong, there is still room for price to rise before it becomes overextended.

POPCAT price and RSI – August 26 | Source: crypto.news