Multiple market watchers suggest that memecoin sensation Popcat (POPCAT) is about to rally towards a new all-time high (ATH). As the token attempts to reclaim key resistance levels, some analysts warn the cat-themed memecoin could see a correction soon toward its monthly opening.
Popcat Retest $1.4 Resistance Level
Memecoin sensation Popcat has been one of the best-performing cryptocurrencies over the past three months. Despite the market retraces, the token outperformed most cryptocurrencies, becoming the first cat-themed memecoin to achieve a $1 billion market capitalization.
In the last 30 days, Popcat has seen a 108% surge, hitting three new ATHs since breaking the $1 barrier. After reaching its latest ATH of $1.56 a week ago, the cryptocurrency has been on a 7-day downtrend.
The memecoin unsuccessfully attempted to break above the trendline earlier this week, facing a correction toward the $1.2 support level. Popcat bounced 16.6% from this zone on Thursday, propelling the token’s surge toward the $1.3 resistance level.
On the last day, the cryptocurrency retested the trendline twice after surpassing the $1.4 mark. A successful reclaim of this zone could propel the price toward a new ATH.
A market watcher considers that if Bitcoin’s price holds, Popcat should successfully this level by next week. It’s worth noting that the cat-themed token followed BTC’s lead on Friday morning, surging 2.4% as the flagship cryptocurrency neared the $69,000 mark.
Is A Correction Looming?
Crypto analyst Sanchez that the memecoin’s price was “running flat” in the four-chart on Friday morning. To the analyst, the cat-themed token’s performance “looked good” for another leg up but suggested the possibility of another correction ahead of the breakout.
Ideally, we get a good reaction around ~1.29 to make the C more complete, and the cat starts popping again
A drop from the $1.3 mark could send Popcat’s price toward the $1.1-$1.0 mark. Trader Crypto Tony suggested that the cryptocurrency could see a retest of the monthly opening of around $1.01 in case of a rejection.
Despite the correction forecast, the memecoin has seen a 7% increase in the last 24 hours, trading 8.7% below its ATH. Popcat reclaimed the $1.3 mark and is attempting to confirm the breakout and regain the $1.4 resistance level.
Analyst CryptoGodJohn that the cryptocurrency “looks like it wants new ATHs and beyond this weekend” following its recent performance. Additionally, crypto trader Bluntz that Popcat’s price could achieve a 30% surge toward a new all-time high.
To Bluntz, a rise toward the $1.7 mark might be coming short-term after “getting real close to a biddable level” this week, but “would like to see one more sweep.”
As of this writing, Popcat trades at $1.41, an 8.3% surge in the weekly timeframe.