On August 22, 2024, Binance, the world’s largest cryptocurrency exchange, announced the launch of the Solana-based meme coin Popcat (POPCAT) perpetual contracts. Following this announcement, a crypto whale raised 39,816 SOL worth $5.73 million on Binance and purchased nearly 10 million POPCAT tokens.
Whale buys POPCAT amid listing announcement
These crazy buy signals indicate that POPCAT could witness a significant rally in the coming days. At the time of writing, it is trading around $0.574 and has seen a price increase of over 32% in the past 24 hours. Meanwhile, POPCAT’s trading volume has increased by 225% in the same period, indicating increased participation from traders following the listing announcement.
Additionally, open interest has increased by 35% in the past 24 hours, indicating growing interest from investors and traders, according to on-chain analytics firm CoinGlass.
POPCAT Price Prediction for August 2024
According to expert technical analysis, POPCAT looks bullish and is now heading towards a crucial resistance level of $0.643. However, the last time POPCAT reached this level, the price dropped by more than 40% and fell to the $0.38 level.
This time the sentiment for POPCAT is bullish and the daily chart is forming a bullish double-bottom price action pattern. If it closes a daily candle above the $0.69 level, there is a high chance that it can rise by 40% to $1 or even higher.
High level of liquidation
According to CoinGlass, key liquidation levels are currently around $0.542 on the downside and $0.60 on the upside as traders have been using high leverage over the past 24 hours.
If sentiment remains unchanged and price rises to the $0.60 level, nearly $672.84K worth of long positions will be liquidated. Conversely, if sentiment changes and POPCAT price drops to the $0.542 level, nearly $1.34M worth of short positions will be liquidated.
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