PopCat, the meme coin that’s been capturing the attention of cryptocurrency enthusiasts, has officially established a new all-time high, sustaining its dominance above the $1.40 mark. With a remarkable surge of 18.60% in just the last 24 hours, the token is now trading at $1.44, propelling its market capitalization to an impressive $1.413 billion. Amidst a broader market recovery, PopCat is rapidly heading towards the psychological barrier of $1.50. But the question remains: can this bullish momentum push PopCat prices all the way to $2?
PopCat’s Breakout Rally Accelerates
Analyzing the daily chart reveals an intriguing cup and handle pattern breakout for PopCat. This bullish breakout was amplified by a massive 21.61% surge on October 4, followed by a streak of four consecutive bullish candles, a testament to the rising interest in the meme coin. The Relative Strength Index (RSI) has entered the overbought zone, indicating that buyers are significantly outpacing sellers. Moreover, both the 50-day and 20-day Exponential Moving Averages (EMAs) show a positive trend, confirming the bullish alignment.
The breakout’s strength is underscored by the token’s recent price action. A failed attempt at a rising wedge pattern signals that the overhead resistance trend line is weakening, creating further room for growth. The earlier breakout from the consolidation range below the $1.00 psychological mark has only fueled this rally, revealing a massive surge in demand for PopCat in recent days.
Where Could PopCat Prices Be Headed?
Using trend-based Fibonacci retracement levels from the previous week, PopCat is currently challenging the 100% Fibonacci level at $1.4423. If the token continues on its current trajectory, the next price targets could be set at $1.7757 and $2.3155, corresponding to the 1.6180% and 2.6180% Fibonacci levels, respectively.
Also Read: Dogwifhat (WIF) Surges 4% Holding $2 Support As POPCAT Battles For $1 with $968M Market Cap
However, it’s essential to keep an eye on potential support levels. Crucial support is positioned at $1.3269 and $1.2363, representing the 78.60% and 61.80% Fibonacci levels. If these levels hold, they could serve as springboards for further upward momentum.
Final Thoughts
As PopCat continues to ride the wave of increased buying pressure, its journey toward the $2 mark seems plausible. The recent bullish patterns and positive technical indicators suggest that this meme coin is not just a fleeting trend; it’s a player to watch in the ever-evolving cryptocurrency landscape. Investors and enthusiasts alike will be keen to see whether PopCat can maintain its momentum and break through that crucial $2 barrier in the near future. As the meme coin space heats up, all eyes are on PopCat as it aims for the stars!
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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