Many market observers are suggesting that memecoin sensation Popcat (POPCAT) is about to rally towards a new all-time high (ATH). As the token tries to regain key resistance levels, some analysts warn the cat-themed memecoin could soon see a correction to its monthly opening.
Retest Popcat Resistance Level at $1.4
Memecoin sensation Popcat has been one of the best performing cryptocurrencies in the last three months. Despite the market recovery, the token has been a huge success for cryptocurrency, becoming the first cat-themed memecoin to achieve a market capitalization of 1 billion.
In the last 30 days, Popcat has seen a 108% surge, hitting three new ATHs since breaking the $1 barrier. After reaching its recent ATH of $1.56 last week, the cryptocurrency has been at a 7-day low.
Memecoin failed to attempt to break the trendline earlier this week, facing a correction towards the $1.2 support level. Popcat jumped 16.6% from this spot on Thursday, pushing the token higher towards the resistance level of $1.3.
In the last day, the cryptocurrency repeated the trend line twice after passing the $1.4 mark. A successful retracement of this area could propel the price to a new ATH.
The market watcher reckons that if the price of Bitcoin holds, Popcat should successfully break this level next week. Notably, the cat-themed token followed BTC’s lead on Friday morning, rising 2.4% as the flagship cryptocurrency approached the 69,000 mark.
Is A Fix Near?
Crypto analyst Sanchez noted that memecoin’s price was “slowly moving” on the quad chart on Friday morning. For an analyst, the performance of the cat-themed token “looked good” for the rest of the leg but suggested the possibility of another correction before the breakout.
Ideally, we get a positive reaction of about ~1.29 to make C perfect, and the cat starts out again
A drop from the $1.3 mark could send the Popcat price to the $1.1-$1.0 mark. Trader Crypto Tony suggested that the cryptocurrency could see a retest of the monthly open of $1.01 if it were to be rejected.
Despite the correction forecast, memecoin has seen an increase of 7% in the last 24 hours, trading 8.7% below its ATH. Popcat regained the $1.3 mark and is trying to confirm an exit and regain the $1.4 resistance level.
CryptoGodJohn analyst said the cryptocurrency “looks like it’s looking for new and higher ATHs this weekend” following its recent performance. Additionally, crypto trader Bluntz noted that Popcat’s price could reach a new all-time high of 30%.
For Bluntz, an increase to the $1.7 mark may come temporarily after “getting real close to an affordable level” this week, but he “would like to see one sweep.”
As of this writing, Popcat is trading at $1.41, up 8.3% on a weekly basis.
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