- Popcat saw a breakout past the $1.5 resistance zone recently.
- The high demand and trading volume outlined a bullish intent.
As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed countless bull runs and bear markets. The recent surge in Popcat [POPCAT] has caught my attention, especially considering its impressive gains since Saturday’s lows at $1.34.
On the first day, Popcat [POPCAT] experienced an increase of 6.3%. Since it hit its lowest point on Saturday at $1.34, it has climbed by a substantial 23.85%. The momentum of this meme coin seemed to dwindle last week, but the bulls regained strength over the weekend.
As I analyze the current market trends, I’ve noticed Bitcoin [BTC] breaking free from its descending channel and soaring above the $70k mark, which has undeniably instilled a robustly bullish sentiment among investors. However, while Popcat might continue to climb, there’s a possibility for a corrective pullback towards $1.4 in the near future.
Bulls break past local highs, target $2.5
Since the last week of August, Popcat has been showing an upward trend by reaching progressively higher peaks followed by higher troughs, and it continues to uphold this bullish momentum.
At the current moment, it had strengthened its position below the $1.5 zone, however, over the last five days, it has forcefully moved beyond this limit.
As a researcher observing the day-to-day market trends, I’ve noticed that the Relative Strength Index (RSI) has been trending towards the 50 mark but still maintains a bullish stance. In recent days, it’s been climbing higher without yet displaying any bearish divergence. Additionally, the On-Balance Volume (OBV) has surpassed a local resistance level, indicating strong buying pressure in the market.
As the popularity of the meme grew and Bitcoin’s value continued to rise, it became more probable that both would continue to increase in value.
In the past few hours, the Fibonacci extension level of approximately $1.72 has been tested. There’s a strong possibility that this level will be breached in the near future. If it does, the potential bullish targets would then shift to around $2.11 and $2.50.
Potential for a short-term POPCAT correction
For the previous week, the liquidation points demonstrated that the range between $1.62 and $1.72 served as a robust attractor for price movement. The recent bullish push over the last two days has propelled POPCAT into this attractive zone.
Read Popcat’s [POPCAT] Price Prediction 2024-25
In simpler terms, currently, the significant liquidity reserve is valued around $1.4, and there’s a low probability of it falling since the price hasn’t reached an extended level yet.
However, traders should be cautious, since BTC is near its ATH and volatility is likely to be high.
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2024-10-29 17:13