Many market watchers are indicating that the memecoin Popcat (POPCAT) is about to surge towards a new all-time high (ATH). As the currency attempts to reclaim key resistance levels, some analysts warn that the cat-themed memecoin could see a correction soon towards its monthly open.
Popcat retests $1.4 resistance level
Memecoin Popcat has been one of the best performing cryptocurrencies over the past three months. Despite market declines, the token outperformed most cryptocurrencies, becoming the first cat-themed memocoin to achieve a market cap of $1 billion.
In the last 30 days, Popcat has seen a 108% rise, reaching three new ATHs since breaking the $1 barrier. After reaching its latest ATH of $1.56 a week ago, the cryptocurrency has been in a 7-day downtrend.
The memecoin tried unsuccessfully to break the trend line earlier this week, as it faced a correction towards the $1.2 support level. Popcat rebounded 16.6% from this area on Thursday, pushing the token higher towards the $1.3 resistance level.
In the last day, the cryptocurrency retested the trend line twice after crossing the $1.4 mark. A successful recovery of this area could push the price towards a new ATH.
One market watcher believes that if Bitcoin’s price continues, Popcat should succeed break This level by next week. It is worth noting that the cat-themed token followed BTC’s lead on Friday morning, rising 2.4% as the flagship cryptocurrency approached the $69,000 mark.
Is a correction on the horizon?
Sanchez cryptoanalyst male The price of memecoin was “flat” in the four-figure chart on Friday morning. To the analyst, the performance of the cat-themed token looks “good” for another move higher, but indicates the possibility of another correction before a breakout.
Ideally, we get a good reaction around 1.29 to make the C more full, and the cat starts sounding again
A decline from the $1.3 mark could send Popcat price towards the $1.1-$1.0 mark. Crypto trader Tony suggested that the cryptocurrency could see a retest of the monthly open of around $1.01 in the event of a rejection.
Despite expectations of a correction, memecoin saw a 7% increase over the past 24 hours, trading 8.7% below ATH. Popcat has reclaimed the $1.3 mark and is trying to confirm the breakout and reclaim the $1.4 resistance level.
Analyst CryptoGodJohn male The cryptocurrency “seems to want new ATHs and beyond this weekend” after its recent performance. In addition, cryptocurrency trader Blontz male Popcat price could achieve a 30% rally towards a new all-time high.
For Plantz, a rally towards the $1.7 mark could be coming in the short term after “getting real close to a biddable level” this week, but “I would like to see another sweep.”
As of this writing, Popcat is trading at $1.41, an increase of 8.3% on the weekly time frame.
Comments are closed, but trackbacks and pingbacks are open.