Popcat on the Verge of Reaching New All-Time High
Leading market analysts predict that the popular memecoin sensation, Popcat (POPCAT), is gearing up for a significant rally towards an unprecedented all-time high (ATH). As the token strives to surpass crucial resistance levels, some experts caution that the cat-themed memecoin may experience a minor correction towards its monthly opening.
Popcat Tests $1.4 Resistance Level
Popcat has emerged as a standout performer in the cryptocurrency market in recent months, outperforming many other digital assets despite market fluctuations. It became the first cat-themed memecoin to achieve a remarkable $1 billion market capitalization.
In the last 30 days, Popcat has witnessed an impressive surge of 108%, reaching three new ATHs since breaking past the $1 mark. Following its peak of $1.56 a week ago, the cryptocurrency experienced a downward trend over the past seven days.
Despite facing challenges in breaking above the trendline earlier this week, Popcat saw a correction towards the $1.2 support level and rebounded by 16.6% on Thursday. This propelled the token’s ascent towards the $1.3 resistance level.
During recent trading sessions, the cryptocurrency retested the trendline after surpassing the $1.4 milestone. A successful reclamation of this level could potentially drive the price towards a new ATH.
Market analysts anticipate that if Bitcoin’s price remains stable, Popcat could break through this pivotal level by next week. Notably, the cat-themed token closely followed BTC’s performance on Friday morning, registering a 2.4% surge as Bitcoin approached the $69,000 threshold.
Possibility of a Correction Ahead?
Renowned crypto analyst Sanchez highlighted on Friday morning that Popcat’s price was maintaining a flat trajectory on the four-chart. While the token’s performance appeared promising for a further upswing, Sanchez suggested the likelihood of a correction before any breakout.
Ideally, we get a good reaction around ~1.29 to make the C more complete, and the cat starts popping again
In case of a decline from the $1.3 level, Popcat could see a dip towards the $1.1-$1.0 range. Trader Crypto Tony indicated the possibility of a retest around the monthly opening of approximately $1.01 if faced with rejection.
Despite forecasts of a correction, Popcat recorded a 7% surge in the last 24 hours, trading 8.7% below its ATH. The token has successfully reclaimed the $1.3 mark and is striving to confirm the breakout and reclaim the $1.4 resistance level.
Crypto analyst CryptoGodJohn expressed optimism that Popcat is poised for new ATHs and beyond in the upcoming weekend. Additionally, trader Bluntz suggested that the token could surge by 30% towards a fresh all-time high.
Bluntz highlighted a potential rise towards the $1.7 level in the short term after approaching a favorable level earlier in the week, emphasizing the possibility of one more advance before a significant increase.
At present, Popcat is trading at $1.41, showcasing an 8.3% surge over the weekly timeframe.
In conclusion, Popcat enthusiasts are eagerly anticipating a potential rally towards a new all-time high as the memecoin continues to exhibit strong performance. While a correction may be on the horizon, current market trends suggest optimism for the token’s future. Stay tuned for further developments and be prepared for exciting movements in the coming days.
