Popcat Price Surges 22% In Market Recovery, Is A Correction Imminent?
Highlights
- Popcat price is ripe for a retrace after surging 39% in 7 days.
- A Smart whale made more than $1.2 million on POPCAT for a second time.
- Popcat could drop by 25% in an anticipated correction.
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.
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
Frequently Asked Questions (FAQs)
1. What recent changes have contributed to the Popcat price surge?
2. What is the long-term outlook for Popcat?
3. How can investors prepare for possible corrections?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
