Popcat (POPCAT) Token Rose for the Second Consecutive Day as the Sentiment in the Crypto Industry Improved

The Popcat (POPCAT) token rose to an intraday high of $0.90, up by 20% from its lowest point this week.

The Popcat (POPCAT) token price rose for the second consecutive day as the overall sentiment in the crypto industry improved. The Popcat token reached an intraday high of $0.90, up by about 20% from the lowest point this week.

Among the best-performing cryptocurrencies in the market this year, Popcat jumped by over 32,000% from its lowest point in January. This performance is significantly better than other coins like Bitcoin and Ethereum, which rose by 400% and 12,000%, respectively.

Bitcoin and altcoin rally as Popcat price rises

Popcat’s rebound happened as Bitcoin (BTC) and other altcoins rose and as the fear and greed index moved to 60. Notably, Ethereum (ETH) rose by 2% while tokens like SATS, Aave, Monero (XMR), and Bittensor soared by over 10%.

Another reason for the rebound is that traders are buying the dip after the Popcat token moved into a bear market, falling by over 25% from the highest point this year.

In most cases, cryptocurrencies and other assets bounce back briefly even when they are in a deep bear market. Some of this rebound is known as “a dead cat bounce,” where it rises briefly and resumes the downward trend.

Popcat’s rise also coincided with a big increase in its open interest in the futures market. According to CoinGlass, the interest rose to over $61 million on Friday from this week’s low of $52 million.

Further, the Popcat token price rose after an analyst who predicted its rally in January made the case that meme coins have a utility. In an X post, Cryptonary noted that these tokens had four main utilities, including entertainment, community, culture, meaning, and a trading vehicle.

Despite what most people believe, memecoins do have utility

They satisfy people’s desires — for community, enjoyment, and belonging — better than most tech projects

The lack of any clear utility is one reason why many investors avoid meme coins and instead focus on other cryptocurrencies like Bitcoin and Ethereum.

Despite this, meme coins like Popcat, Pepe, and Floki have become leading players in the crypto industry with a combined market cap of over $54 billion. Some of them have even outperformed other large coins like Bitcoin and Ripple (XRP).

Solid technicals for Popcat price

Technically, Popcat price rose after forming a morning star candlestick pattern on Thursday. It is one of the most bullish patterns in the market and is characterized by a small body and equal upper and lower shadows.

Additionally, the Popcat token has remained above the 25-day and 50-day moving averages, meaning that it could continue rising. If this happens, it could retest the crucial resistance point at $1, 13% above the current level.

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