Will POPCAT become the first cat-based meme coin to surpass $1 billion in market capitalization?

2024-09-12, 02:15

[//]:content-type-MARKDOWN-DONOT-DELETE
According to Gate.io market data, following the release of the U.S. August CPI data, POPCAT briefly dropped to $0.5455 before starting a strong upward surge. As of writing, POPCAT has rebounded to above $0.62, becoming the standout star among meme coins.

POPCAT's rise from $0.5455 to $0.62 demonstrates a robust upward trend. The current funding rate for POPCAT perpetual contracts is 0.00005, indicating significant market divergence. The latest Bollinger Band support price for POPCAT is $0.5569, and the resistance price is $0.6289. In terms of market sentiment, today's index is at 31, reflecting a state of fear even after a V-shaped recovery.

## Trading Strategy

### Trend Following
- **Direction:** Bullish
- **Entry Price:** Confirm an upward trend after the price breaks above the Bollinger Band resistance price of $0.6289
- **Strategy Characteristics:** This strategy involves trading by following the trend. Waiting for the price to break above the resistance level to confirm the upward trend can help effectively capture the bullish momentum.

### Counter-Trend Trading
- **Direction:** Bearish
- **Entry Price:** Confirm a downward trend after the price breaks below the Bollinger Band support price of $0.5569
- **Strategy Characteristics:** This strategy involves counter-trend trading. Waiting for the price to break below the support level to confirm a downward trend can allow for profits during price declines.

## About POPCAT
Popcat originated as an internet meme in October 2020. A YouTube blogger featured two images of a domestic short-haired cat named “Oatmeal” in a series of videos: one image with its mouth closed and the other with its mouth open in an "O" shape. As the current highest market cap cat-themed meme coin, POPCAT has captured the hearts of countless netizens with its popular mischievous cat expression and large mouth, representing internet viral culture and perfectly blending with the booming cryptocurrency world.