As an analyst with over two decades of market observation under my belt, I find myself intrigued by the current performance of Popcat (POPCAT). Having witnessed the rise and fall of numerous cryptocurrencies, I must say that this cat-themed memecoin has caught my attention.
Several market observers predict that the meme coin Popcat (POPCAT) is on track to hit a fresh record high (new all-time peak). As the token strives to retake crucial resistance points, certain analysts caution that the feline-themed meme coin might experience a correction imminently, heading back towards its opening level for the month.
Popcat Retest $1.4 Resistance Level
The popular meme-based coin, Popcat, has been among the top performers in the crypto world over the past three months. Even with the recent market downturns, Popcat has outshone many other cryptocurrencies, making history as the first cat-themed memecoin to reach a market value of $1 billion.
Over the past month, there’s been a significant 108% increase in Popcat, with it hitting three all-time highs (ATH) since breaching the $1 mark. After attaining its most recent ATH of $1.56 just a week ago, the cryptocurrency has experienced a 7-day decline.
Earlier this week, the memecoin struggled to rise above its trendline but subsequently corrected, moving back towards the $1.2 support point. However, on Thursday, Popcat experienced a 16.6% rebound from this area, driving the token’s price closer to the $1.3 resistance level.
On the final day, the cryptocurrency attempted to cross the trendline twice following its rise above the $1.4 threshold. If it manages to hold this region, the price may push towards a fresh all-time high (ATH).
An analyst predicts that if Bitcoin maintains its current value, Popcat is likely to exceed a certain threshold by the end of the week. It’s important to mention that on Friday morning, the cat-themed token mirrored Bitcoin’s movements, rising 2.4% as Bitcoin approached $69,000.
Is A Correction Looming?
Crypto expert Sanchez observed that the memecoin’s price was relatively stable in its four-hour chart early on Friday. He found the cat-themed token’s performance encouraging for a potential further increase, yet cautioned about a possible correction before any breakout could occur.
It’s ideal to elicit a satisfying response around 1.29 to fully flesh out the C, at which point the cat will become active once more.
As a researcher, I’m observing that a potential drop from the $1.3 price point might steer Popcat’s value towards the range of $1.1 to $1.0. Notably, Trader Crypto Tony has proposed an intriguing perspective: if there’s a rejection at current levels, we might see a retest of the monthly opening price, approximately $1.01.
Despite the correction forecast, the memecoin has seen a 7% increase in the last 24 hours, trading 8.7% below its ATH. Popcat reclaimed the $1.3 mark and is attempting to confirm the breakout and regain the $1.4 resistance level.
According to Analyst CryptoGodJohn, the cryptocurrency appears ready to reach new record highs and potentially exceed them over the coming weekend, based on its recent trends. Similarly, crypto trader Bluntz predicts that Popcat’s price might experience a 30% increase, possibly reaching a fresh all-time peak.
To Bluntz, it appears that a brief increase towards the $1.7 figure could occur in the near future, as we’ve almost reached a point where buyers might step in. However, I’d prefer to observe another attempt before considering it a definite move upwards.
As of this writing, Popcat trades at $1.41, an 8.3% surge in the weekly timeframe.
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2024-10-19 10:16