With a new all-time high formation, PopCat prices skyrocket with the increasing chances of a crypto market bull run. Will this rally surpass $2?
PopCat has established a new all-time high, sustaining dominance above the $1.40 mark and heading toward the psychological barrier of $1.50. Amid the broader market recovery, the meme coin has surged by 18.60% in the last 24 hours.
The sudden boost in buying pressure has led to a 50% surge over the past seven days. Currently, the PopCat token is trading at $1.44, while the meme coin has a market cap of $1.413 billion. Will this bull run in PopCat prices hit the $2 mark?
PopCat Breakout Rally Speeds Up
In the daily chart, PopCat reveals a cup and handle pattern breakout. Furthermore, the bullish breakout comes with a massive engulfing candle of 21.61% surge made on October 4.
Beginning a streak of four consecutive bullish candles, the meme coin continues to climb following the cup and handle breakout. This rally has pushed the daily RSI into the overbought zone. Meanwhile, both the 50-day and 20-day EMAs are displaying a positive trend in bullish alignment.
In addition to the cup and handle breakout, the daily price action of PopCat shows a failed attempt at a rising wedge pattern. The reversal pattern falters as the overhead resistance trend line quickly loses strength. Furthermore, the breakout from the consolidation range below the $1.00 psychological mark has fueled the bullish rally.
This reveals the massive surge in demand for the meme coin over the past few days.
Where’s PopCat Price Headed?
Applying the trend-based Fibonacci levels from the previous week, the PopCat token is currently challenging the 100% Fibonacci level at $1.4423. The retracement tool indicates that the next price targets for the meme coin are $1.7757 and $2.3155 at the 1.6180% and 2.6180% Fibonacci levels, respectively.
On the flip side, the crucial support for the meme coin are present at 78.60% and 61.80% Fibonacci level at $1.3269 and $1.2363 respectively.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/07/solana-meme-coin-popcat-skyrockets-to-new-all-time-high-is-2-over-horizon/?utm_source=rss&utm_medium=rss&utm_campaign=solana-meme-coin-popcat-skyrockets-to-new-all-time-high-is-2-over-horizon