Analyst Warns Of A POPCAT Correction Following 230% Surge
25 Juli 2024 - 3:00AM
NEWSBTC
The Solana-based memecoin Popcat (POPCAT) has been making the
headlines for the past week after becoming the first cat-themed
token to reach a $1 billion market cap. The token has surged over
230% in the past month, which propelled the token to a new all-time
high (ATH). However, a crypto analyst has warned investors of a
possible correction for the feline sensation. Related Reading:
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Skyrockets 150% Following Biden Dropout POPCAT Leads The Clowder
This month, Popcat has registered a remarkable performance. The
token began climbing the chart on July 11, breaking above a $900
million market capitalization by July 16. That day, the
Solana-based memecoin flipped Ethereum’s MOG and became the largest
cat-themed token by market cap. Popcat continued its ascending
trajectory, reaching a $1 billion market cap on July 20 and
becoming the first ever cat memecoin to achieve this milestone. The
following day, the token reached its ATH of $0.9939, according to
CoinGecko data. Currently, the token is the eighth-largest memecoin
by market cap, sitting above Cat in a dogs world (MEW) and MOG. MEW
has also seen a remarkable performance in the past week, with a
98.2% surge in the last seven days. During Q2, the cat-themed
tokens saw massive growth and infiltrated the top 10 memecoin list.
Moreover, a CoinGecko survey revealed the category became the 14th
most popular crypto narrative in the second quarter. Is A
Correction Looming? Following its recent performance, some crypto
analysts and investors considered that “Popcat is looking good.”
Team Lambo Charts shared on X that the memecoin had “another fresh
breakout done” earlier today. Per the post, the token broke out of
the downtrend line after successfully retesting the $0.84 mark. If
the cat-themed memecoin continues to hold above this price range,
the analyst believes a retest of the $1 resistance level is
possible. Based on this, he set an initial $1.08 target “for the
overall 25% move short term.” VikingXBT, another market watcher,
also commented on the token. To him, Popcat’s performance following
its ATH “makes sense on the lower timeframe.” The analyst
pointed out that the token “hit the psychological target a lot of
people had.” He stated that the current retraces and retest of the
old resistance are “molto buono.” Additionally, he suggested that
investors embrace themselves “with a bit of patience” while the
token resumes its climb. Nonetheless, not all analyses are
confident about the memecoin’s recent performance. On Monday,
renowned analyst Altcoin Sherpa shared his thoughts on X. Per the
analyst, the chart “looks decent still but would be concerned if
this prints a lower high/shoulder.” Sherpa thinks that if it
happens, and Popcat starts to sell off, “all cat beta is going to
die.” However, the analyst clarified he’s still bullish for now as
he believes that cat-themed memecoins “will do pretty well and play
catch up.” Related Reading: Ethereum ETFs Launch About To Kickstart
The Altseason? Analysts Weigh In As of this writing, the largest
cat-themed cryptocurrency registers a 12% and 27% increase in the
daily and weekly timeframes. Featured Image from Unsplash.com,
Chart from TradingView.com
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