POPCAT eyes $1, but it’s next move depends on Bitcoin – Why?

    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.

POPCAT eyes $1, but it’s next move depends on Bitcoin – Why?

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).

POPCAT eyes $1, but it’s next move depends on Bitcoin – Why?

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.

POPCAT eyes $1, but it’s next move depends on Bitcoin – Why?

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