- POPCAT recently surged more than 2%, approaching the $0.70 mark.
If bulls can maintain this support, a new ATH could be on the horizon.
As a seasoned crypto investor with a penchant for identifying hidden gems, I find myself intrigued by the current state of affairs surrounding Solana’s memecoin sensation, POPCAT. Having ridden the rollercoaster that is the crypto market, I have learned to navigate its peaks and troughs with a mix of cautious optimism and calculated risk-taking.
The memecoin built on Solana, POPCAT, finds itself at a significant level of support near $0.70. There’s anticipation that its upcoming listing on Kraken will spark enthusiasm among investors.
Despite the wider market fluctuations triggered by Bitcoin‘s decline, is there a chance that POPCAT could maintain its position and potentially surge towards $1?
Holders showed faith
Despite a bearish start to September, holders have maintained confidence in POPCAT’s long-term prospects. In just over three months, the wallet count has increased by approximately 30%, reaching 68,651 at press time.
Additionally, POPCAT has surged to become the third largest memecoin on Solana by market cap.
Significantly, even with these optimistic indicators, POPCAT followed Bitcoin’s slide from late August to early September, failing to exceed the $0.75 barrier and rapidly sliding down to $0.40 within merely two weeks.
Fundamentally, not even strong belief in its stability could prevent the meme coin from feeling the wider market turbulence affecting Bitcoin.
As I observe the movements of POPCAT and Bitcoin (BTC) in the market, I find myself at a fascinating crossroads. With POPCAT edging towards the $0.70 price range, mirroring BTC’s efforts to maintain its position above the $60K ceiling, I can’t help but wonder: Will historical trends reemerge, or will the bullish momentum push POPCAT to unprecedented highs? The dance between these two forces is intriguing, and I eagerly await the outcome.
Increased momentum is needed for the surge
On the daily price chart, bulls have pushed POPCAT above $0.70.
Given the current trajectory, the enthusiasm generated by Kraken’s listing and the possibility of a Federal Reserve interest rate reduction might create a path for this meme-coin to exceed its past all-time high (ATH).
From my perspective as an analyst, achieving a $1 goal isn’t something that will happen right away. A number of crucial factors need to fall into place first. At the moment, the Relative Strength Index (RSI) is above the neutral zone, but it requires a strong bullish momentum to move into overbought territory, which suggests robust buying activity.
Furthermore, despite POPCAT reaching its all-time high (ATH) in mid-July, OI continues to stay beneath that level, suggesting reduced involvement of futures traders. Meanwhile, the CMF has maintained a steady state.
Although these signs don’t point towards an immediate bearish trend, a rapid buildup of speed is essential for a potential rise to $1.
Therefore, maintaining the $0.70 support is crucial – What are the odds?
Weakening sentiment might diminish POPCAT recovery
Given that memecoins are community-driven, evaluating their social performance is key.
Interestingly, POPCAT’s Weighted Sentiment has shifted to negative during the last three days, despite a small increase in the number of transactions.
Indeed, it’s worth noting that the positive momentum of Bitcoin (BTC) was abruptly stopped at around $60K on the very same day, suggesting a significant impact of BTC on the meme tokens. This implies that the price fluctuations in BTC may have a substantial influence over these tokens.
Consequently, the chance of hitting $1 heavily depends on BTC’s performance.
Read POPCAT Price Prediction 2024-25
If bulls successfully hold the $0.70 support level while building up strength, forthcoming events may catapult POPCAT to a fresh all-time high (ATH).
Conversely, if BTC bears prevail, the memecoin’s surge potential will also wane.
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2024-09-18 01:44