A number of market watchers counsel that memecoin sensation Popcat (POPCAT) is about to rally in 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 might 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, changing into the primary cat-themed memecoin to realize 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, going through a correction towards the $1.2 assist stage. Popcat bounced 16.6% from this zone on Thursday, propelling the token’s surge towards the $1.3 resistance stage.
On the final day, the cryptocurrency retested the trendline twice after surpassing the $1.4 mark. A profitable reclaim of this zone might propel the worth towards a brand new ATH.
A market watcher considers that if Bitcoin’s worth holds, Popcat ought to efficiently break this stage 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 worth was “operating flat” within the four-chart on Friday morning. To the analyst, the cat-themed token’s efficiency “seemed good” for an additional leg up however advised the opportunity 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 might ship Popcat’s worth towards the $1.1-$1.0 mark. Dealer Crypto Tony advised that the cryptocurrency might 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% enhance within the final 24 hours, buying and selling 8.7% under its ATH. Popcat reclaimed the $1.3 mark and is trying to substantiate the breakout and regain the $1.4 resistance stage.
Analyst CryptoGodJohn acknowledged that the cryptocurrency “appears to be like prefer it needs new ATHs and past this weekend” following its current efficiency. Moreover, crypto dealer Bluntz famous that Popcat’s worth might obtain a 30% surge towards a brand new all-time excessive.
To Bluntz, an increase towards the $1.7 mark could be coming short-term after “getting actual near a biddable stage” this week, however “wish to see another sweep.”
As of this writing, Popcat trades at $1.41, an 8.3% surge within the weekly timeframe.
