As a seasoned crypto investor with battle-scarred fingers from past market swings, I find myself both exhilarated and cautious about the recent Popcat (POPCAT) price surge. With my portfolio littered with the remnants of once promising coins that have since turned into digital dust, I can’t help but feel a mix of emotions as I watch POPCAT defy gravity.
Popcat price has experienced a significant surge in price, climbing 39% over the past week and 72% in the last 30 days, as renewed market optimism follows a 50 basis point cut by the U.S. FOMC. In just the last 24 hours, the meme coin added an impressive 21% to its value, currently trading at $0.87. This explosive rally positions POPCAT as the second-largest gainer among the top 100 tokens. However, with such significant gains, many investors are left wondering: is it time for a breather, or will the momentum continue?
Is Popcat Price Correction Imminent?
Over the last eleven days, POPCAT‘s price has consistently risen without major drops. On September 12, there was a small pause, which helped shape a bullish pennant formation. After this pause, the price increased significantly, coming close to a potential resistance area around $1.
At present, the price of Popcat is moving inside an ascending channel that’s characterized by distinct and flexible upper and lower limits. For the last month, these limits have effectively confined the price fluctuations, potentially limiting a breakout at this point in time.
As an analyst, I see the Potcat price exhibiting around 6% additional growth potential before hitting the upper limit of its ascending channel. Should the price encounter resistance at this peak, it might trigger a correction of up to 25%. This adjustment could pull the price down to approximately $0.68.
Should Popcat not manage to maintain its current temporary resistance, there’s a possibility it might drop to around $0.57, marking an additional 15% decrease in its value. This potential decline could stem from savvy investors who have profited from Popcat deciding to take their profits.
Based on reports from Lookonchain, a significant investor (referred to as a ‘smart whale’) purchased approximately $4.13 million in POPCAT tokens between September 11 and 12. In just under ten days following this purchase, they realized over $1.2 million in profits.
The smart whale made more than $1.2M on $POPCAT again!
He spent 4.13M $USDC to buy 6.11M $POPCAT at $0.68 on Sept 12 and Sept 13, now worth $5.32M, with an unrealized profit of $1.21M!
— Lookonchain (@lookonchain) September 19, 2024
The whale continues to hold onto its potential gains, and any indication of a market adjustment might prompt them to cash out their profits, thereby setting off a possible price decrease.
Popcat Future Outlook
Although there may be an adjustment in Popcat’s price, it does not mean the end for this cryptocurrency. With a market capitalization of $855 million and a listing on Binance‘s perpetual contracts, Popcat has seen increased trading volume and expanded its speculation market. This suggests that there is still potential for growth in the future.
Support at approximately $0.50, combined with a growing Relative Strength Index (RSI), might cause the price to jump over $1, setting a new All-Time High (ATH). Yet, for this to happen, there needs to be confirmation from increased trading volume as the price attempts to escape the upward trending channel.
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2024-09-19 11:49