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POPCAT Nears Breakout Towards New ATH, But Analysts Warn Of Possible Correction
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. Related Reading: Ethereum (ETH) About To Catch Up On BTC, Is It Ready To Reclaim $3,000? 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 tokens 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 Bitcoins price holds, Popcat should successfully break this level by next week. It’s worth noting that the cat-themed token followed BTCs 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 memecoins price was running flat in the four-chart on Friday morning. To the analyst, the cat-themed tokens 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 Popcats 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. Related Reading: Polkadot (DOT) Gearing Up For Massive Breakout, Will It Skyrocket To $20? 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 Popcats 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. As of this writing, Popcat trades at $1.41, an 8.3% surge in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
