Popcat (POPCAT), a memecoin baed in Solana, has gained attention after hitting a new all-time high (ATH), drawing the focus of investors towards its future price breakouts. POPCAT's price increased by almost 20% over the previous seven days in tandem with the increase in volume.
POPCAT’s adopters have been on the bullish rally as the altcoin reached a new ATH. Due to the strong demand, constant growth, and continuing upward trend, POPCAT cryptocurrency has achieved this milestone.
Price of POPCAT reaches record highs
POPCAT's price saw a 20% increase and displayed a three-day bullish trend, setting a new all-time high of $1.47. The POPCAT cryptocurrency allowed one to ride the bullish wave and defy the market trend thanks to its low correlation of 0.33.
The POPCAT token has increased since the beginning of October, according to the technical analysis based on the daily timeframe. POPCAT saw a strong push after securing the support at its 20-day moving average (EMA).
This week, the upward movement led to a new ATH. The memecoin may hit $2 in the coming weeks, based on the recent price increase.
At the time of writing, the price of POPCAT was up almost 20% from the past week and was trading at $1.22. The small downside didn’t stop the memecoin to secure a $1.20 billion market capitalization, which ranked it as the fifty-ninth largest cryptocurrency.
In a post on X, cryptocurrency analyst @AltcoinSherpa stated that POPCAT cryptocurrency has broken out of a range and appears substantial. In the upcoming sessions, the memecoin may approach $2 if the upward trend continues.
“Once a coin breaks out of the range, you want to see continuation. Ofc this is going to depend on $BTC but I think that $POPCAT still looks strong. Wouldn't be surprised to see it go to like $2 or something, to be honest” AltcoinSherpa wrote.
@VikinXBT posted another encouraging remark on X, stating that the POPCAT token gained traction, while ts market value will soon approach the $2 billion mark.
Moreover, the majority of technical indicators indicated a bullish position. At the time of publication, the RSI curve peaked at 75, the overbought zone. It demonstrated an increase in buying pressure and suggested that the uptrend would continue.
Furthermore, the Money Flow Index's (MFI) rising curve suggested that a notable spike in market inflows propels the altcoin's upward trajectory. The bullish crossover was replicated by a green histogram displayed by the MACD indicator. This was a replication of the buyer power.
POPCAT cryptocurrency has been attempting a $1 breakout for the past three months, but it has been unsuccessful and has stayed near it. The barrier could be crossed thanks to a recent surge, and a significant breakout was observed.
Range breakouts usually result in a one-way rally, therefore the price of POPCAT might soon drive the rally toward the $2 mark.
As of the time of writing, the OI-weighted funding rate was still positive at 0.0138%. An increasing demand for long positions was suggested by a positive funding rate.
Similarly, the Open Interest (OI) increased to $190.19 million, up 6.43%. This indicated a long-term accumulation of activities on the previous day.
There were two levels of immediate support: $1.15 and $1.10. The Fib extension tool indicated that the upside boundaries were $1.30 and $1.38 at the same time.