Popcat Dumps As $1 Meme Target Hits
Popcat, one of the best-performing meme coins lately, has retraced hugely. What is next? Read to find out!
To fully understand all of the terms used in this article and to understand where we get some of our levels from, it’s advised to read through our last analysis of Popcat here.
Popcat to $1 – The Meme Target Has Hit
$1 is a sneeze away
that cat pops and the chart pops pic.twitter.com/PL4A0rxE1F
— RookieXBT 🧲 (@RookieXBT) May 2, 2024
In a legendary thread by one of the best traders considered by many RookieXBT, he claimed he wouldn’t post any more until Popcat reached $1. While he did post again and again. Popcat to $1 became a meme, and as it touched $1 it also retraced heavily.
Generally, in markets, psychological levels such as $1, or for Bitcoin, $10,000 back in the day, actually bear a lot of meaning.
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Popcat Price Analysis: What’s next?
Today, we’ve chosen to keep the analysis all on one chart as it makes sense.
In the last article we wrote, we said that it would make a lot of sense to come back and retest $0.62. This is because, generally, Popcat has traded very technically. There was a retest when there needed to be, and there wasn’t when the POPCAT price could break out.
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So, as the POPCCAT price hit support overnight and went through today, the Bulls need to step in here. Losing $0.62 would not be bullish and could lead to a retest of the D100 MA around $0.5.
Retesting the moving average, however, could give the RSI a moment to cool off. It has stayed above the 50 RSI for quite a while and has even touched overbought. Going into or around the oversold area while touching the D100 moving average would be a great opportunity to take a position.
$POPCAT looks a little exhausted. Very little new positions coming in.
Probably needs a bit of a reset before going for $1b FDV. pic.twitter.com/boag2nPnj2
— Byzantine General (@ByzGeneral) July 31, 2024
So, while things might not look too good for Popcat as we speak, it’s certainly not over or out—just a small bump on the way to turning $1 into support.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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