Popcat Retest $1.4 Resistance Level

Memecoin sensation Popcat has been one of the best-performing cryptocurrencies over the past three months. Despite the market retraces, the token outperformed most cryptocurrencies, becoming the first cat-themed memecoin to achieve a $1 billion market capitalization.

In the last 30 days, Popcat has seen a 108% surge, hitting three new ATHs since breaking the $1 barrier. After reaching its latest ATH of $1.56 a week ago, the cryptocurrency has been on a 7-day downtrend.

The memecoin unsuccessfully attempted to break above the trendline earlier this week, facing a correction toward the $1.2 support level. Popcat bounced 16.6% from this zone on Thursday, propelling the token’s surge toward the $1.3 resistance level.

On the last day, the cryptocurrency retested the trendline twice after surpassing the $1.4 mark. A successful reclaim of this zone could propel the price toward a new ATH.

A market watcher considers that if Bitcoin’s price holds, Popcat should successfully break this level by next week. It’s worth noting that the cat-themed token followed BTC’s lead on Friday morning, surging 2.4% as the flagship cryptocurrency neared the $69,000 mark.

Is A Correction Looming?

Crypto analyst Sanchez noted that the memecoin’s price was “running flat�in the four-chart on Friday morning. To the analyst, the cat-themed token’s performance “looked good�for another leg up but suggested the possibility of another correction ahead of the 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 mark could send Popcat’s price toward the $1.1-$1.0 mark. Trader Crypto Tony suggested that the cryptocurrency could see a retest of the monthly opening of around $1.01 in case of a rejection.

Despite the correction forecast, the memecoin has seen a 7% increase in the last 24 hours, trading 8.7% below its ATH. Popcat reclaimed the $1.3 mark and is attempting to confirm the breakout and regain the $1.4 resistance level.

Analyst CryptoGodJohn stated that the cryptocurrency “looks like it wants new ATHs and beyond this weekend�following its recent performance. Additionally, crypto trader Bluntz noted that Popcat’s price could achieve a 30% surge toward a new all-time high.

To Bluntz, a rise toward the $1.7 mark might be coming short-term after “getting real close to a biddable level�this week, but “would like to see one more sweep.�/p>

As of this writing, Popcat trades at $1.41, an 8.3% surge in the weekly timeframe.

In this technical breakdown, we will analyze the recent surge of POPCAT past its previous all-time high of $1.0094, focusing on the technical indicators and market conditions that have contributed to this breakout. By examining key support and resistance levels, as well as the potential for a continued bullish trajectory, we will assess the implications of this price action for traders and investors. 

Additionally, the article will explore potential scenarios for POPCAT’s price movement, providing insights into what to expect in the coming days and how market sentiment may influence future trends.

Analyzing Technical Indicators After New Peak

On the 4-hour chart, POPCAT has demonstrated impressive bullish momentum, breaking above both the 100-day Simple Moving Average (SMA) and its previous all-time high of $1.0094. Reaching a new all-time high marks a critical milestone for the meme coin, as it validates the positive trend and opens the door for potential new highs.

An analysis of the 4-hour Relative Strength Index (RSI) reveals a renewed upward potential, as the RSI has climbed back to 68% after dipping to 45%. This upward shift indicates increasing buying pressure. If the RSI continues on this trajectory, it could signal more upside movements for POPCAT, paving the way for new highs, and reinforcing the bullish trend.

Furthermore, the meme coin has fully positioned itself above the daily 100-day SMA, indicating a strong positive pressure after surpassing its all-time high of $1.0094. As the price breaks through previous resistance levels, it attracts more buyers, enhancing the likelihood of a sustained uptick and fortifying the overall optimistic outlook for POPCAT in the near term.

Also, the RSI on the daily chart is currently at 74%, having previously dropped to 59%. An elevated RSI level implies that POPCAT is in overbought territory, reflecting strong buying pressure and heightened enthusiasm in the market. While such high readings may signal potential exhaustion in upbeat momentum, the lack of immediate indications for a pullback shows that bullish sentiment remains strong.

Support And Resistance Levels: Navigating The New Terrain For POPCAT

Support Levels: The immediate support level to watch is the $1.0094 mark, which may act as a psychological level for buyers. Should it fall below this range, the next significant support could be found around the $0.80 mark, serving as a strong base for possible rebounds.

Resistance Levels: On the upside, the next resistance level can be anticipated at around $1.5, where sellers may emerge to take profits. If POPCAT manages to breach this level, it could lay the foundation for further gains, potentially targeting $2 and beyond.

The feline sensation has now consolidated as the first cat-themed memecoin to hit a $1 billion market capitalization, leading the market’s bullish run alongside tokens like Sei (SEI) and Worldcoin (WLD).

POPCAT Hits $1 Billion Market Cap Status

Memecoins became the leading sector during this cycle, with many tokens outperforming most altcoins over the last few months. At the front of the frenzy, dog-themed tokens like dogwifhat (WIF) stole the spotlight during Q1 and Q2. However, a feline rival is challenging its spot as Solana’s best-performing memecoin.

Investors and market watchers have praised the cat-themed sensation’s performance over the past few months. Throughout Q3’s violent market retraces, POPCAT showed a remarkable performance, becoming the largest gainer among the top 100 cryptocurrencies several times.

The memecoin’s price quickly bounced from its 55% pullbacks during the market crashes, recovering and surpassing its previous level each time. POPCAT’s price has seen a 117% surge in the past three months, driving its price from the $0.68 mark to a new all-time high (ATH).

In the late hours of Tuesday, the cryptocurrency broke above the $0.97 resistance level set by its previous ATH. The memecoin continued its 21% jump towards the $1.08 level, its new ATH, before retracing to the $1.01-$1.02 price range.

The surge propelled POPCAT’s market capitalization to the $1 billion mark, cementing its status as the leading cat-themed token and making it the first memecoin in this sector to achieve it.

Following its remarkable rise, the token registers a 57.8% and 40.2% surge in the weekly and monthly timeframes. Its daily market activity also saw an 82% jump to a trading daily volume of $133.3 million in the last 24 hours.

Investors See Further Price Potential

Some crypto whales loaded their bags as POPCAT broke the $1 barrier. On Wednesday morning, on-chain data analytics firm Lookonchain revealed that a crypto investor recently repurchased the cat-themed sensation, suggesting that some investors feel positive about the token’s future performance.

Per the post, the whale spent 8,644 SOL, worth around $1.29 million, to buy 1.3 million POPCAT over the past two days. The address bought 456,000 tokens on Monday before acquiring another 843,000 POPCAT when the memecoin hit $1.

This whale had previously sold its POPCAT holding at a 45% loss over two months ago. The investor saw $611,000 in losses from selling its 1.69 million tokens.

However, before the long-awaited surge to $1, crypto investor Trade4ddict noted that the POPCAT’s consolidation under the key resistance level was a strong sign for its potential bull continuation.

The trader considers that after “blowing off�the $1 resistance, the memecoin has “good chances�of pumping toward the $2 target. He also suggested that the previous high at $0.8 should offer some support before a potential correction.

As of this writing, the memecoin continues to hold the $1 support level, exchanging hands for $1.01.

Among the standout performers is Popcat (POPCAT), which has experienced a remarkable 36% spike in just 24 hours, bringing the token close to its all-time high achieved in July of this year, underscoring the renewed enthusiasm for memecoins amidst changing economic conditions.

Popcat Records Nearly 100% Gain In A Month

On Wednesday, NewsBTC reported that the Federal Reserve announced its first rate cut in four years, reducing the federal funds rate by 0.50 percentage points. This adjustment marks a significant shift since the onset of the COVID-19 pandemic, lowering the target range to 4.75%�%, down from 5.25%�.5%. 

These rates were the highest seen since 2001, and the decision is seen as a bullish signal for the broader market, suggesting potential price increases shortly, even as volatility is expected.

In response to this news, Solana saw nearly a 10% surge in the last 24 hours, edging closer to the $150 mark after successfully reclaiming key support levels. This momentum has fostered renewed confidence in tokens built on the Solana network, exemplified by Popcat’s performance.

Currently trading at $0.918, Popcat is now just 7% shy of its all-time high of $0.993 reached two months ago. The latest increase coincides with a staggering 236% rise in trading volume, nearing the $200 million mark within just 48 hours, according to CoinGecko data. 

Looking at longer time frames, Popcat has demonstrated significant growth, recording a 44% increase over the past week and a 62% rise over the last two weeks. 

This translates to nearly a 100% gain in the past month, particularly striking compared to larger cryptocurrencies that have faced losses following significant market downturns on August 5 and September 6.

Key Levels To Watch For The Solana-Based POPCAT

Despite the uptrend recorded, POPCAT encountered challenges in maintaining its momentum earlier today. The token reached a daily high of $0.936 but struggled to consolidate above a critical resistance level at $0.939 on its POPCAT/USDT daily chart. 

This resistance has emerged as one of the last significant hurdles for Popcat before it can approach its all-time highs recorded in July. Should the token break through this barrier, the next resistance level is $0.971. 

Not surpassing both levels could lead to a brief phase of consolidation, which may be necessary for the token to gain the strength required to push further upward. However, if the current uptrend loses momentum, the inability to break these resistance levels could hinder Popcat’s progress.

On the downside, bullish investors should closely monitor the $0.834 level, as it serves as the nearest support floor for the memecoin. It could indicate a potential correction if the price falls below this support. 

In such a scenario, the next support level on the daily chart is significantly lower at $0.72. If the price reaches this level, it would represent a considerable decline of approximately 21% from its current trading price of $0.918.

Featured image from DALL-E, chart from TradingView.com