Solana-based meme coin Popcat has surged by 13% in the past 24 hours. It has outperformed popular meme coins Shiba Inu (SHIB) and PEPE, which have gained by 9% and 8%, respectively, during the same period.
Currently trading at a new all-time high of $1.74, POPCAT shows strong momentum and appears positioned to extend these gains. This analysis delves into factors that could fuel its continued rise.
Popcat Bulls Are in Control
BeInCrypto’s assessment of the POPCAT/USD one-day chart confirms the likelihood of an extended rally. Readings from the meme coin’s moving average convergence/divergence (MACD), which measures an asset’s price trends and identifies its potential buy or sell signals, confirm this bullish outlook.
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The coin’s MACD line (blue) currently sits above both the signal line (orange) and the zero line. This positioning indicates a bullish trend, suggesting upward momentum in the asset’s price. As the faster-moving MACD line outpaces the slower signal line, it reflects strong buying interest that may support continued price increases.
Moreover, POPCAT’s Aroon Up Line is at 100% as of this writing, confirming the strength of the meme coin’s current uptrend. The Aroon indicator measures the strength and direction of a trend. When the Up Line is at 100%, it suggests that the asset’s price has just made a new high.
POPCAT Price Prediction: Meme Coin May Record New Peaks
If bullish momentum is maintained, POPCAT’s price may extend its rally and surge past the all-time high of $1.74. According to its Parabolic Stop and Reverse (SAR) indicator, the bulls currently dominate the meme coin market.
At press time, this indicator’s dots, which identify an asset’s trend direction and potential reversal points, rest below POPCAT’s price. When the Parabolic SAR dots are positioned under an asset’s price, it suggests that the asset is enjoying upward pressure and the trend is bullish. Traders interpret this as a signal to go long and exit short positions.
Read more: 12 Best Altcoin Exchanges for Crypto Trading in October 2024
However, if profit-taking activity resumes, POPCAT’s price may witness a correction and seek to establish support at $1.42. If this level fails to hold, the meme coin’s value may plunge to $1.17, representing a 33% fall from its current value.
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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