Reasons for the POPCAT Price Increase
This growing open interest suggests traders strongly believe in the meme coin and that they might be placing more bids on long positions compared to short positions.
Traders and investors often use the combination of rising open interest and a long/short ratio above 1 when building long positions.
POPCAT Technical Analysis and Upcoming Levels
If POPCAT breaches this level and closes a daily candle above the $1.5 level there is a strong possibility it could reach a new high in the coming days. However, if it fails to breach the resistance level of $1.50, there is a strong possibility it may experience a price decline in the coming days.
At press time, POPCAT is trading near $1.44 and has experienced a price surge of over 13% in the past 24 hours. During the same period, its trading volume jumped by 5%, indicating rising participation from traders and investors compared to the previous day.
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