Popcat needs to maintain $0.5 to reach $0.9

Popcat (CRYPTO:POPCAT) has experienced a notable surge of 4.67% in the past 24 hours, indicating a resurgence of buyer interest in the memecoin market.

After facing significant losses over the previous month, Popcat is showing signs of recovery.

The token rose from a local low of $0.39 to a high of $0.63 over the last three days.

Despite this recent uptick, Popcat had previously been on a downward trend, with a 26.02% decline over the month.

This shift in market sentiment is reflected in a positive Weighted Sentiment, which has turned bullish for the first time in seven days.

Technical analysis suggests that Popcat has reached a local bottom, allowing new buyers to enter the market and increasing buying pressure.

The recent bullish crossover on the Relative Strength Index (RSI) indicates that buyers are currently outpacing sellers, contributing to upward momentum.

Additionally, another bullish crossover on the Stochastic RSI supports this positive trend.

However, Popcat's spot netflow has turned negative after four days, suggesting that investors are moving their tokens off exchanges into private wallets or cold storage.

This outflow indicates rising accumulation rates among holders.

Moreover, the Funding Rate for Popcat remains positive across exchanges, suggesting strong demand for long positions as investors anticipate future price increases.

In summary, while Popcat is shifting from bearish to bullish sentiment, it must hold above $0.5 to maintain this outlook and potentially reach $0.9.

If the upward momentum falters and a pullback occurs, prices could drop to $0.52 or lower, emphasising the importance of sustaining support at these levels.

At the time of reporting, the Popcat (POPCAT) price was $0.5491.