On August 22, 2024, Binance, the world’s biggest cryptocurrency exchange announced to launch of the Solana-based meme coin Popcat (POPCAT) perpetual contracts. Following this announcement, a crypto Whale withdrew 39,816 SOL worth $5.73 million from Binance and bought nearly 10 million POPCAT tokens.
Whale Buying POPCAT Amid Listing Announcement
This crazy buying signals that POPCAT could experience a significant rally in the upcoming days. At press time, it is trading near $0.574 and has experienced a price surge of over 32% in the last 24 hours. Meanwhile, POPCAT’s trading volume has skyrocketed by 225% during the same period, indicating rising participation from traders following the listing announcement.
Additionally, its open interest also increased by 35% in the last 24 hours, indicating growing interest from investors and traders, according to the on-chain analytic firm CoinGlass.
POPCAT Price Prediction For August 2024
According to expert technical analysis, POPCAT looks bullish and is now heading toward a crucial resistance level of $0.643. However, the last time when POPCAT reached this level, it experienced a price drop of over 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 possibility it could soar by 40% to $1 or even higher.
Major Liquidation Level
As of now, the major liquidation levels are near $0.542 on the lower side and $0.60 on the upper side, as traders have been highly leveraged in the last 24 hours, according to CoinGlass.
If the sentiment remains unchanged and the price rises to the $0.60 level, nearly $672.84K worth of long position will be liquidated. Conversely, if the sentiment shifts and the POPCAT price falls to the $0.542 level, nearly $1.34 million worth of short position will be liquidated.
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