POPCAT soars 16%, hits 3-week high – Is $0.40 within reach?

Key Points

1. Popcat's price rose 16.14% to $0.3403, with trading volume spiking 113% to $84.7 million, indicating strong market activity.

2. Whale accumulation increased, with large holders acquiring 8.5 million tokens on July 10th, raising their total supply held to 64.74%.

3. Derivatives market activity surged, with Open Interest (OI) up 19.3% to $172.9 million and Derivatives Volume up 94.55% to $551.34 million, signaling bullish sentiment.

4. Technical indicators like Stochastic RSI (86.73) and RSI (54) suggest potential volatility or buyer exhaustion, raising concerns about sustainability of gains.

5. While $0.40 is a possible target, the memecoin faces risks of a pullback to $0.28 if bullish momentum wanes.