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Multiple market watchers suggest that memecoin sensation Popcat (POPCAT) is about to rally towards a new all-time high (ATH). As the token attempts to reclaim key resistance levels, some analysts warn the cat-themed memecoin could see a correction soon toward its monthly opening.
Popcat has been one of the best-performing cryptocurrencies over the past three months, outperforming most cryptocurrencies and achieving 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 downtrend for seven days.
Despite facing a correction towards 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. The cryptocurrency retested the trendline twice after surpassing the $1.4 mark. A successful reclaim of this zone could propel the price towards a new ATH, especially if Bitcoin’s price holds.
Crypto analyst Sanchez noted that the memecoin’s price was “running flat.” while looking good for another leg up, some suggest the possibility of a correction ahead of the breakout. A drop from the $1.3 mark could send Popcat’s price toward the $1.1-$1.0 mark. Regardless, the memecoin has seen a 7% increase in the last 24 hours and is trading 8.7% below its ATH.
Analysts have varying opinions on Popcat’s future price movements. Analyst CryptoGodJohn stated that the cryptocurrency “looks like it wants new ATHs” following its recent performance, while crypto trader Bluntz suggested a potential 30% surge toward a new all-time high, possibly reaching the $1.7 mark. As of the latest data, Popcat is trading at $1.41, showing an 8.3% surge in the weekly timeframe.
Overall, Popcat’s price action remains highly speculative, with market watchers closely monitoring key levels and potential corrections as the memecoin aims for new ATHs and a possible breakout.
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