- Popcat surged over 12% in the last 24 hours, reaching a peak of $1.05.
- The meme coin achieved a record high of $1.08 just days ago.
- Positive technical indicators and rising expectations for an altcoin season are enhancing market enthusiasm for this token.
After hitting its all-time high of $1.08 last Friday, Popcat (POPCAT) seems to be on a path to new peaks.
Popcat Performance
In the last 24 hours, this charming, cat-themed token climbed over 12% from a low of $0.9319 to a high of $1.05. Bitcoin (BTC) retraced to the $63K range as of Tuesday noon; however, Popcat maintained its gain of more than 8% for the day at $1.05.
The data reflects a substantial increase in the token’s value, rising approximately 13% over the week, 93% over the month, and an impressive 6,370% since its inception at the end of December last year.
Today’s transaction volume also displayed a notable increase of 18%, emphasizing consistent investor and trader interest in this meme coin. In total, $150.77 million worth of the digital asset was transacted across DeFi wallets. Presently, Popcat’s market capitalization stands at $1.031 billion, based on its circulating supply of 979.97 million.
Popcat is currently only 3.36% below its peak of $1.08 registered five days ago. This raises the question: does this cat-themed token still have enough momentum to break new records?
Popcat Bullish Sentiment
TradingView’s technical analysis tools are presently showing an overall “Strong Buy” recommendation for Popcat in the daily and weekly charts. In both cases, the Relative Strength Index (RSI) readings hovered between 66 and 63, indicating there’s likely a potential for further price appreciation. Concurrently, the “Buy” signals from the exponential moving averages (EMA) in these time frames suggest a continuation of the bullish momentum.
Additionally, Popcat recently broke through a symmetrical triangle pattern on both the 2H and 4H charts, indicating the possibility of further upward price movements in the near term, which could reinforce its potential to reach another all-time high shortly.
Is the Altcoin Season Here?
Recently, analysts have pointed out significant breakthroughs in the market capitalizations of various altcoins, igniting discussions about a possible altcoin season. AMB Crypto suggests that we might not be there just yet, hinting that there’s still an opportunity to invest before prices potentially skyrocket.
According to their analysis, Bitcoin continues to hold its title as the leading cryptocurrency, commanding a substantial 57.37% of the market. However, this figure has dropped from 58.59% just ten days ago, which could indicate a slowly growing confidence in altcoins.
That said, the full-fledged altcoin season is unlikely to commence until investor interest in Bitcoin begins to fade or they start realizing profits from Bitcoin’s elevated exchange rate. Such selling could lead to a consolidation of BTC’s value, redirecting investor focus towards altcoins.
For now, all we can do is monitor the situation and await any events that may cause a significant shift in market sentiment.
