A number of market watchers counsel that memecoin sensation Popcat (POPCAT) is about to rally in the direction of a brand new all-time excessive (ATH). Because the token makes an attempt to reclaim key resistance ranges, some analysts warn the cat-themed memecoin may see a correction quickly towards its month-to-month opening.
Popcat Retest $1.4 Resistance Degree
Memecoin sensation Popcat has been one of many best-performing cryptocurrencies over the previous three months. Regardless of the market retraces, the token outperformed most cryptocurrencies, turning into the primary cat-themed memecoin to attain a $1 billion market capitalization.
Within the final 30 days, Popcat has seen a 108% surge, hitting three new ATHs since breaking the $1 barrier. After reaching its newest ATH of $1.56 per week in the past, the cryptocurrency has been on a 7-day downtrend.
The memecoin unsuccessfully tried to interrupt above the trendline earlier this week, dealing with a correction towards the $1.2 help degree. Popcat bounced 16.6% from this zone on Thursday, propelling the token’s surge towards the $1.3 resistance degree.
On the final day, the cryptocurrency retested the trendline twice after surpassing the $1.4 mark. A profitable reclaim of this zone may propel the value towards a new ATH.
A market watcher considers that if Bitcoin’s value holds, Popcat ought to efficiently break this degree by subsequent week. It’s price noting that the cat-themed token adopted BTC’s lead on Friday morning, surging 2.4% because the flagship cryptocurrency neared the $69,000 mark.
Is A Correction Looming?
Crypto analyst Sanchez famous that the memecoin’s value was “working flat” within the four-chart on Friday morning. To the analyst, the cat-themed token’s efficiency “seemed good” for one more leg up however instructed the potential of one other correction forward of the breakout.
Ideally, we get a superb response round ~1.29 to make the C extra full, and the cat begins popping once more
A drop from the $1.3 mark may ship Popcat’s value towards the $1.1-$1.0 mark. Dealer Crypto Tony instructed that the cryptocurrency may see a retest of the month-to-month opening of round $1.01 in case of a rejection.
Regardless of the correction forecast, the memecoin has seen a 7% improve within the final 24 hours, buying and selling 8.7% under its ATH. Popcat reclaimed the $1.3 mark and is making an attempt to verify the breakout and regain the $1.4 resistance degree.
Analyst CryptoGodJohn said that the cryptocurrency “appears prefer it desires new ATHs and past this weekend” following its current efficiency. Moreover, crypto dealer Bluntz famous that Popcat’s value may obtain a 30% surge towards a brand new all-time excessive.
To Bluntz, an increase towards the $1.7 mark is perhaps coming short-term after “getting actual near a biddable degree” this week, however “wish to see yet another sweep.”
As of this writing, Popcat trades at $1.41, an 8.3% surge within the weekly timeframe.
