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- Popcat surged 23.85% since Saturday, currently breaking through key resistance levels.
- Increased demand and Bitcoin’s momentum indicate further gains may be likely for Popcat.
- Traders should monitor potential corrections, particularly around the $1.4 support level.
Popcat (POPCAT) jumped 6.3% in just one day, climbing 23.85% since Saturday’s lows of $1.34. After a slow week, bulls ignited a resurgence over the weekend. Optimism surged in the broader crypto market as Bitcoin (BTC) climbed above $70k. The overall sentiment feels strongly bullish. While Popcat seems ready for more gains, potential corrections near the $1.4 level may still occur.
Bulls Break Past Local Highs, Target $2.5
Since late August, POPCAT consistently made higher highs and higher lows, showing an upward trend. Recent trading saw consolidation below the $1.5 region. However, in the past five days, Popcat decisively broke through that resistance. This breakout indicates renewed confidence among traders.
On the daily timeframe, the Relative Strength Index (RSI) dipped close to the 50 mark but remains bullish. Momentum indicators push higher, signaling no bearish divergence at this time. Additionally, the On-Balance Volume (OBV) recently surpassed a local resistance level, reflecting growing demand for this meme coin.
Popcat’s appeal continues to rise, especially with Bitcoin’s encouraging price movements. The combination of the two creates a powerful synergy, suggesting further gains remain likely. Recently, the Fibonacci extension level at $1.72 faced testing. Traders anticipate a breakthrough of this level soon. If that occurs, the next targets shift to $2.11 and $2.5, creating an enticing pathway for investors.
Potential for a Short-Term Correction
Liquidation levels over the past week reveal that the $1.62-$1.72 range acts as a significant magnetic zone for price action. Recent bullish momentum has brought Popcat to this critical region. While the $1.4 liquidity pool looms as potential support, current upward momentum suggests a drop may not happen soon.
However, traders should remain cautious. Bitcoin’s proximity to all-time highs indicates possible volatility ahead. With market conditions shifting, monitoring price movements becomes crucial for anyone involved in the meme coin space.