- POPCAT traders have strategically seized the recent “dip” to bolster their holdings.
- Another significant factor is also propelling the surge.
As a seasoned crypto investor with memories of the early Dogecoin days still fresh in my mind, I find myself intrigued by the current dance between POPCAT and DOGE. The recent surge of POPCAT, despite trailing behind its canine counterpart this time around, has caught my attention.
Over the past day, I’ve observed a significant 11% spike in the value of Popcat (POPCAT), following a mid-week dip. This puts it among the top performing assets at present.
Although Dogecoin (DOGE) leads the weekly chart with more than 30% growth, it saw only a small 2% rise in one day, which was considerably overshadowed by its cat-themed rival.
This resurgence prompted AMBCrypto to explore potential patterns shaping the memecoin market.
Uncovering a key POPCAT strategy
It’s worth noting that when Bitcoin [BTC] started climbing a week ago, signaling the beginning of a new bull market and ending a four-month downtrend, Popcat reached its all-time high (ATH) of $1.50 on the very same day.
On the other hand, it struggled to maintain its progress, currently trading at $1.37, and experiencing significant declines in the process.
In the meantime, DOGE, the leading memecoin by market cap, has surged an impressive 30% to $0.15.
It’s apparent that many investors are choosing Dogecoin (DOGE) as their preferred alternative coin, driven by the desire to spread their investments and reduce potential risks compared to Bitcoin (BTC).
It appears that according to a recent AMBCrypto report, Dogecoin (DOGE) might be reaching boiling point and could experience a decline in the near future. Moreover, the increasing hype around Popcat could potentially strengthen this pattern, hindering Dogecoin’s potential growth.
During an insightful investigation, AMBCrypto discovered a crucial tactic that some memecoin market players use to influence prices through strategic trading.
Last Monday, as the price of POPCAT dipped to $1.23, its lowest point in the area, following a high it reached only three days earlier, traders swiftly pulled out a significant sum of around $4 million worth of tokens from the exchanges.
At this price level, it appears a drop occurred, signaling the beginning of a strong buying period.
Furthermore, these purchases took advantage of the apprehension arising from DOGE’s recent withdrawal. As DOGE recorded a daily increase of more than 7%, traders started becoming anxious about overheating and began shifting their attention towards POPCAT instead.
The trend might change
Taking a detailed examination of POPCAT’s hourly trends suggests that a near-term breakout may not occur. The Moving Average Convergence Divergence (MACD) is moving downwards, indicating a bearish trend, while the Relative Strength Index (RSI) is decreasing as well.
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Yet, it doesn’t necessarily mean a reversal will occur. Given the ongoing buying interest and possible weakness in DOGE, POPCAT might persist in its ascent further.
The competition between these two meme-based cryptocurrencies is intensifying, as investors keep a keen eye on their upcoming strategies.
Read Popcat’s [POPCAT] Price Prediction 2024–2025
If the flow of capital moves from Dogecoin (DOGE) to Popcat (POPCAT), there’s a possibility that Popcat might experience a breakout, given its significant double-digit growth spurt. Notably, Popcat has already set $1.23 as a local minimum.
Ultimately, the memecoin market is a battleground, and only one winner will emerge.
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2024-10-22 01:12