- POPCAT has risen to become the 8th largest memecoin by market cap, surpassing Mog Coin.
- Yet, it still has a long road ahead to reach key psychological targets.
As a seasoned researcher who’s navigated through the crypto wilderness for years now, I can confidently say that POPCAT’s recent climb to the 8th spot among memecoins is nothing short of remarkable. However, like a rollercoaster ride, it still has a long road ahead to reach key psychological targets such as $2.
Unlike many other meme coins, Popcat (POPCAT) has displayed remarkable price fluctuations following the election period.
Approximately two months back, POPCAT achieved a significant milestone by hitting the $1 price point, outpacing its competitors. Yet, it didn’t manage to draw the same investment influx in November, leading some to dismiss it. However, be cautious about underestimating its potential.
Regardless of some recent hurdles, POPCAT has ascended to be the 8th biggest meme coin in terms of market capitalization. What’s even more captivating is that the token it surpassed experienced a spike of almost 80% just last month.
With such a narrow difference now, could POPCAT be poised for a steep climb towards its record peak, potentially reaching $2? What are the chances of this happening?
Intense accumulation is the need of the hour
During its early stages, POPCAT experienced significant growth that pushed it to an unprecedented high of $2.08 within just a fortnight. However, this rapid increase led to extensive selling, causing most of those gains to disappear. Currently, the token is worth $1.50 (at the time of writing).
Standing alone among the leading 10 meme-coins, POPCAT is the one that has moved into negative territory during the 30-day price increase.
Interestingly enough, upon closer inspection, POPCAT appears to be on an upward trend in the last week, surpassing its competitors by leaping 13%, and its Relative Strength Index (RSI) remaining neutral. This could indicate that it may have the energy for a comeback.
However, an unexpected turn of events occurred in late November for the POPCAT token. It encountered strong opposition near its existing level, causing a retreat towards approximately $1.20. At this point, the meme-token finds itself at a pivotal moment.
Source : Coinglass
To prevent history from repeating itself, the $1.50 level must turn into solid support.
The red stick, indicating approximately 2 million dollars’ worth of POPCAT tokens being taken out by spot traders, points towards a favorable indication and hints that the market considers the present price range as a possible base.
To verify this, we’ll need to keep an eye on this particular indicator over the next few days, observing how the market reacts to the present pricing. Should the floor prove stable, there might be an opportunity for it to surge up to $2.
Still, the inherent risks of POPCAT remains
It’s evident from the previous discussion that the behavior of POPCAT’s current pricing indicates a high level of speculation. The volatile fluctuations suggest a strong sense of apprehension among investors who are trying to grab fast, large profits within a brief period.
In other words, since there’s nothing to balance out its volatility, it’s quite challenging to foresee a straightforward journey for POPCAT reaching $2, even if the overall market is optimistic.
It’s worth noting that a report from AMBCrypto suggests a worrying trend. Over time, large POPCAT wallets (with over 100K coins) seem to be reducing their holdings, whereas smaller groups of owners have maintained their positions.
Realistic or not, here’s POPCAT’s market cap in BTC’s terms
This pattern suggests that major entities are losing trust, potentially indicating difficulties ahead for POPCAT’s future expansion, moving the attainment of a record high even more distant.
If this trend persists, it’s likely that POPCAT will maintain its appeal for speculation, but given the lack of substantial foundations underpinning its future, the path forward remains unclear.
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2024-12-09 09:12