Numerous market analysts are indicating that the memecoin phenomenon, Popcat (POPCAT), is poised for a potential rally towards a new all-time high (ATH). As the token strives to reclaim crucial resistance levels, some experts caution that the cat-themed memecoin may face a correction soon towards its monthly opening price.
Popcat Retesting the $1.4 Resistance Level
Popcat has emerged as one of the top-performing cryptocurrencies in recent months. In spite of market pullbacks, the token has outshone numerous cryptocurrencies, establishing itself as the first cat-themed memecoin to reach a $1 billion market capitalization.
Over the past 30 days, Popcat has experienced a remarkable 108% increase, achieving three new ATHs after surpassing the $1 threshold. Following its latest ATH of $1.56 reached a week ago, the cryptocurrency has entered a 7-day downtrend.
The memecoin made an unsuccessful attempt to break above the trendline earlier this week, leading to a correction towards the $1.2 support level. However, Popcat rebounded by 16.6% from this area on Thursday, driving the token’s advance toward the $1.3 resistance level.
In the past day, the cryptocurrency retested the trendline twice after exceeding the $1.4 threshold. A successful reclaim of this area could push the price toward a new ATH.
A market observer believes that if Bitcoin’s price maintains its level, Popcat should successfully break this level by next week. It is noteworthy that the cat-themed token mirrored BTC’s movements on Friday morning, rising by 2.4% as the leading cryptocurrency approached the $69,000 mark.
Is a Correction on the Horizon?
Crypto analyst Sanchez observed that the memecoin’s price was “running flat” in the four-hour chart on Friday morning. The analyst expressed that the cat-themed token’s performance “looked positive” for another upward movement but warned of potential corrections prior to any breakout.
Ideally, we get a good reaction around ~1.29 to make the C more complete, and the cat starts popping again
A drop from the $1.3 level could lead Popcat’s price down to the $1.1-$1.0 range. Trader Crypto Tony suggested that a retest of the monthly opening around $1.01 could occur if there’s a rejection.
Despite the correction predictions, the memecoin has experienced a 7% rise in the last 24 hours, currently trading 8.7% below its ATH. Popcat has regained the $1.3 level and is trying to confirm the breakout to retake the $1.4 resistance level.
Analyst CryptoGodJohn remarked that the cryptocurrency “appears ready for new ATHs and more this weekend” after its recent showings. Additionally, crypto trader Bluntz noted that Popcat’s price could achieve a 30% jump toward a new all-time high.
According to Bluntz, a short-term rise toward the $1.7 level may be imminent after “getting very close to a biddable level” this week, but he “would like to see one more sweep.”
As of this writing, Popcat is trading at $1.41, reflecting an 8.3% increase over the week.
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