The high Funding Rate and Open Interest shows bullish speculators flocking to Popcat markets.
- Popcat has had a bullish structure over the past month. The strong momentum and buying pressure gave bulls a good chance to move to $1 soon.
Popcat [POPCAT] posted a 34.15% move higher within the past 24 hours of trading, and the volume also climbed appreciably. This came alongside a Bitcoin [BTC] price bounce past the $60k resistance level.
The psychological $1 resistance was overhead for the memecoin, and it has already forced the bulls back in July. What would happen during the current move?
Popcat targets based on extension levels
Source: POPCAT/USDT on TradingView
Fibonacci levels plotted based on the POPCAT price drop in late August showed that the 78.6% retracement level was beaten during the recent price surge.
The market structure has been bullish since the final week of August.
The RSI on the 12-hour chart showed bullish momentum has reigned over the past ten days, and the OBV was steadily rising. Together they showed upward momentum due to rising buying pressure.
This was a sign that the rally was solid and likely to continue. The next targets would be the $1 and $1.18 resistance levels, the local high, and the Fibonacci extension level.
Spot CVD goes against the OBV findings
Source: Coinalyze
The recent 23% move saw the Open Interest climb from $49.2 million to $69 million, showing active participation from bulls in the Futures market.
Speculators were eager to go long, hoping to earn some profits from the POPCAT move.
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The high Funding Rate also suggested the same thing over the past couple of days. Yet, the spot CVD has been flat for a week, showing buying and selling were balanced in the spot market and contradicting the OBV.
However, overall, the buyers have an advantage in the short term.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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