Several market observers suggest that memecoin sensation Popcat (POPCAT) is about to hit a new all-time high (ATH). As the token attempts to reclaim key resistance levels, some analysts warn that the cat-themed memecoin could soon see a correction towards its monthly open.
Popcat retests $1.4 resistance level
Memecoin sensation Popcat has been one of the best-performing cryptocurrencies over the past three months. Despite market setbacks, the token outperformed most cryptocurrencies, becoming the first cat-themed memecoin to reach a market capitalization of $1 billion.
In the last 30 days, Popcat has seen a 108% increase, reaching three new ATHs since break the $1 barrier. After reaching its last ATH of $1.56 a week ago, the cryptocurrency has been in a downtrend for 7 days.
Memecoin unsuccessfully attempted to break above the trendline earlier this week, facing a correction towards the $1.2 support level. Popcat jumped 16.6% in this zone on Thursday, propelling the token’s rise towards the $1.3 resistance level.
In the last day, the cryptocurrency retested the trendline twice after surpassing the $1.4 mark. A successful recovery from this zone could boost the price to a new ATH.
A market observer believes that if the Bitcoin price holds, Popcat should succeed to break this level next week. It’s worth noting that the cat-themed token followed BTC’s lead on Friday morning, rising 2.4% as the top cryptocurrency approached the $69,000 mark.
Is a correction imminent?
Crypto Analyst Sanchez observed that the price of memecoin was “stable” on the chart of four on Friday morning. For the analyst, the performance of the cat-themed token “looked good” for another bullish leg, but suggested the possibility of another correction before the breakout.
Ideally we get a good reaction around ~1.29 to make the C fuller, and the cat starts clicking again
A drop from the $1.3 mark could send the Popcat price towards the $1.1 to $1.0 mark. Crypto trader Tony suggested that the cryptocurrency could undergo a retest of the monthly opening of around $1.01 in the event of a rejection.
Despite the forecast correction, memecoin registered an increase of 7% in the last 24 hours, trading 8.7% below its ATH. Popcat has reclaimed the $1.3 mark and is trying to confirm the breakout and reclaim the $1.4 resistance level.
CryptoGodJohn Analyst stated that the cryptocurrency “seems to be aiming for new ATHs and beyond this weekend” following its recent performance. Additionally, crypto trader Bluntz observed that Popcat price could reach a 30% increase towards a new all-time high.
For Bluntz, a rise towards the $1.7 mark could come in the short term after “getting very close to a bidable level” this week, but “I would like to see more of a sweep.”
At the time of writing, Popcat is trading at $1.41, up 8.3% on the weekly time frame.