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 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 token’s 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 Bitcoin’s price holds, Popcat should successfully break this level by next week. It’s worth noting that the cat-themed token followed BTC’s 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 memecoin’s price was “running flat” in the four-chart on Friday morning. To the analyst, the cat-themed token’s 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 Popcat’s 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.
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 Popcat’s 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
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