POPCAT Nears Breakout Towards New ATH, But Analysts Warn Of Possible Correction
2024年10月19日 - 4:00PM
NEWSBTC
Multiple market watchers suggest that memecoin sensation Popcat
(POPCAT) is about to rally towards a new all-time high (ATH). As
the token attempts to reclaim key resistance levels, some analysts
warn the cat-themed memecoin could see a correction soon toward its
monthly opening. Related Reading: Ethereum (ETH) About To ‘Catch Up
On BTC’, Is It Ready To Reclaim $3,000? Popcat Retest $1.4
Resistance Level Memecoin sensation Popcat has been one of the
best-performing cryptocurrencies over the past three months.
Despite the market retraces, the token outperformed most
cryptocurrencies, becoming the first cat-themed memecoin to achieve
a $1 billion market capitalization. In the last 30 days, Popcat has
seen a 108% surge, hitting three new ATHs since breaking the $1
barrier. After reaching its latest ATH of $1.56 a week ago, the
cryptocurrency has been on a 7-day downtrend. The memecoin
unsuccessfully attempted to break above the trendline earlier this
week, facing a correction toward the $1.2 support level. Popcat
bounced 16.6% from this zone on Thursday, propelling the token’s
surge toward the $1.3 resistance level. On the last day, the
cryptocurrency retested the trendline twice after surpassing the
$1.4 mark. A successful reclaim of this zone could propel the price
toward a new ATH. A market watcher considers that if Bitcoin’s
price holds, Popcat should successfully break this level by next
week. It’s worth noting that the cat-themed token followed BTC’s
lead on Friday morning, surging 2.4% as the flagship cryptocurrency
neared the $69,000 mark. Is A Correction Looming? Crypto analyst
Sanchez noted that the memecoin’s price was “running flat” in the
four-chart on Friday morning. To the analyst, the cat-themed
token’s performance “looked good” for another leg up but suggested
the possibility of another correction ahead of the breakout.
Ideally, we get a good reaction around ~1.29 to make the C more
complete, and the cat starts popping again A drop from the $1.3
mark could send Popcat’s price toward the $1.1-$1.0 mark. Trader
Crypto Tony suggested that the cryptocurrency could see a retest of
the monthly opening of around $1.01 in case of a rejection. 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. Related Reading: Polkadot (DOT) Gearing Up
For ‘Massive Breakout’, Will It Skyrocket To $20? Analyst
CryptoGodJohn stated that the cryptocurrency “looks like it wants
new ATHs and beyond this weekend” following its recent performance.
Additionally, crypto trader Bluntz noted that Popcat’s price could
achieve a 30% surge toward a new all-time high. To Bluntz, a rise
toward the $1.7 mark might be coming short-term after “getting real
close to a biddable level” this week, but “would like to see one
more sweep.” As of this writing, Popcat trades at $1.41, an 8.3%
surge in the weekly timeframe. Featured Image from Unsplash.com,
Chart from TradingView.com
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