Popcat Price Surges 22% In Market Recovery, Is A Correction Imminent?

Popcat price has experienced a significant surge in price, climbing 39% over the past week and 72% in the last 30 days, as renewed market optimism follows a 50 basis point cut by the U.S. FOMC. In just the last 24 hours, the meme coin added an impressive 21% to its value, currently trading at $0.87. This explosive rally positions POPCAT as the second-largest gainer among the top 100 tokens. However, with such significant gains, many investors are left wondering: is it time for a breather, or will the momentum continue?

Is Popcat Price Correction Imminent?

The price of POPCAT has been on a steady upward trajectory for the past 11 days, experiencing no significant corrections. On September 12, a slight consolidation occurred, contributing to the formation of a bullish pennant continuation pattern. Following this, the price surged higher, nearly reaching a resistance zone around $1.

Currently, the Popcat price is trending within a rising channel defined by clear and dynamic top and bottom boundaries. These boundaries have consistently contained prices over the past month, which may hinder a breakout this time around.

Popcat price has approximately 6% more potential gains before reaching the upper boundary of the rising channel. If the price faces rejection at this level, it could result in a correction of up to 25%, bringing it down to $0.68.

If Popcat fails to hold above this temporary support, it could slide lower to $0.57, extending the correction by another 15%. The impending correction could be fueled by smart investors who have made a killing from Popcat locking in profits.

According to Lookonchain, a smart whale bought $4.13 million worth of POPCAT on September 11 and 12 and made over $1.2 million in less than ten days.

The smart whale made more than $1.2M on $POPCAT again!
He spent 4.13M $USDC to buy 6.11M $POPCAT at $0.68 on Sept 12 and Sept 13, now worth $5.32M, with an unrealized profit of $1.21M!https://t.co/lwNqWGB6Ib pic.twitter.com/IbDQy3DRcJ
— Lookonchain (@lookonchain) September 19, 2024

The whale is still sitting on the unrealized profits, and any sign of correction could provoke them to clock in profits and trigger a price correction.

Popcat Future Outlook

Despite the impending correction, it is not the end for Popcat price. Popcat has a market cap of $855 million and has already received a listing on the Binance perpetual contracts, which boosted its trading volume and broadened its speculation market.

The strong support of around $0.50 and the rising RSI could result in a price bounce above $1, forming a new ATH. However, this will require volume confirmation as the price tries to break out of the rising channel.

Frequently Asked Questions (FAQs)

Popcat price has surged significantly due to renewed market optimism following a 50 basis point cut by the U.S. Federal Open Market Committee (FOMC). Over the past week, Popcat has increased by 39% and 72% in the last 30 days.

Despite the potential for a correction, the long-term outlook remains optimistic. Popcat has a market cap of $855 million and has been listed on Binance’s perpetual contracts, enhancing its trading volume. A bounce back above $1 is possible if sufficient trading volume supports the breakout.

Investors should monitor price trends, set alerts for key support and resistance levels, consider profit-taking strategies to secure gains, and stay informed about market sentiment and news that could impact Popcat price.

Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/popcat-price-surges-22-in-market-recovery-is-a-correction-imminent/