Solana-based meme coin POPCAT currently trades at $1.34, noting an 11% uptick over the past 24 hours. Its on-chain and technical indicators suggest a strong potential to reclaim its all-time high of $1.55, last reached on October 9.
This analysis delves into the factors that could drive this upward momentum.
Popcat Seeks to Extend Its Gains
At its current price, POPCAT sits above its Ichimoku Cloud, which tracks market momentum and identifies potential support and resistance levels.
When an asset’s price rises above the cloud, it signals a bullish trend. POPCAT has remained above the cloud on its one-day chart since September 1, indicating sustained strength.
This prolonged position above the cloud suggests strong buyer control and positive market sentiment. Even with minor pullbacks, the price is likely to find support near the cloud, reinforcing the bullish trend.
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POPCAT’s recent surge has pushed its price above both its 20-day exponential moving average (EMA) and 50-day simple moving average (SMA).
The 20-day EMA reflects an asset’s average closing price over the last 20 trading days, while the 50-day SMA is a longer-term indicator based on the past 50 days. When an asset’s price rises above these moving averages, it indicates a bullish trend and strengthening upward momentum.
These moving averages now act as support levels, helping the price maintain its upward trajectory as long as demand for the asset persists.
POPCAT Price Prediction: Why the Bulls Must Be Active
As of this writing, POPCAT trades at $1.34, above the support line of $1.28 formed by the Leading Span A of its Ichimoku Cloud. If the current bullish momentum continues, POPCAT could see a further rally of 16%, potentially reclaiming its all-time high of $1.55.
Read more: 11 Top Solana Meme Coins to Watch in October 2024
However, if market sentiment shifts from bullish to bearish, POPCAT may test this support line. Should it fail to hold, the meme coin’s value could drop toward the Leading Span B, which provides another support at the $1 price level. If the bulls are unable to defend this, the token’s price might decline to $0.56.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Abiodun Oladokun
https://beincrypto.com/popcat-will-revisit-its-all-time-high/
2024-10-21 14:30:00
