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Market expert Murad has tipped Shiba Inu rival POPCAT to surge multiple times from its current price, targeting a breakout in November.
Meme coin POPCAT has been on a sustained bullish uptrend since gaining traction in March. The feline-themed token has surged in higher highs and higher lows, ticking northwards to an all-time high of $1.67 last month.
However, amid the ongoing pullback, analyst Murad has speculated that the meme coin is up for an impending surge to $5. The market speculator cited bullish macroeconomic factors and a breakout from a multi-month trendline.
Analyst Asserts a 225% Push to $5
In an X post on October 27, Murad noted that the POPCAT chart shows a “steady accumulation” price phase. Notably, POPCAT has been forming the structure since March.
Since then, POPCAT has failed to break the ascending trendline despite seven attempts, including the October surge to its latest all-time high. However, Murad speculated that the 53rd biggest cryptocurrency and 5th in the meme coin sector would break above the trendline in November.
The market expert noted that the upcoming US presidential election, which is almost a week from today, is a major catalyst for this impending surge.
Although the analyst did not state which polling outcome will propel the surge, his chart shows that he expects POPCAT to break the trendline after the November 5 elections.
Notably, the price uptick will add to what has been a flourishing year for POPCAT. For context, the meme coin launched on Solana in December 2023 and has surged over 9,405% this year, becoming a prominent member of the meme sector.
POPCAT Analysis
On-chain metrics from Coinglass indicate a reserved sentiment among traders, as POPCAT’s Long/Short stands at 0.9743. However, trading volume has increased 101.18% to $735 million, showing increased traction among traders.
Furthermore, POPCAT’s open interest has risen 3.33% in the past 24 hours to $221 million. Notably, the token’s IO is close to its all-time high of $237 million, achieved earlier in the month.
The bullish sentiments around POPCAT are evident in its 24-hour performance, as the token has surged over 6% in the timeframe. At the time of writing, the meme coin exchanges hands at $1.53.