While Popcat seems unstoppable, corrections are often seen as healthy to ensure an uptrend can be sustained. The dip over the past 24 hours, taking Popcat down by 1.95%, appears to be a part of this natural correction.
This slight downside comes in the context of what has been a massive week for the meme coin, with a 23.86% gain since last Tuesday. As ‘Uptober’ comes to an end, Popcat seems to be one of its biggest beneficiaries.
However, what comes up must go down. The meme coin appears to be losing some of the attention it garnered in recent days, as its trading volume slips 28% to $69 million.
Popcat Price Fails Channel Breakout: Is the Rally Over?
A closer look at technical indicators reveals that today’s correction comes amidst a failed attempt to break the upper resistance of an ascending channel pattern that has been forming since early October.
POPCAT / USDT chart. failed ascending channel breakout. Source: TradingView.Characterized by higher highs and lower lows, this pattern suggests a more sustained uptrend, which is a bullish sign for the recent rally’s sustainability. However, a bearish breakout remains a possibility.
Other indicators make a bearish breakout seem unlikely, though. Most notably, the MACD line remains above the signal line following a recent crossover, a move that typically coincides with upticks in the Popcat price.
It also seems that the 20SMA has established itself as a strong support level, indicating that the short-term uptrend has significant backing. If the current correction persists, a retest of this support will be crucial for the validity of the uptrend.
If the 20SMA support is broken, it could lead to a retest of the pattern’s lower boundary on weaker footing, which could be concerning.
However, the more likely outcome is a successful bounce around the $1.56 support level. With this stability, Popcat can reattempt a push for a breakout, particularly as the much-heeded “meme coin supercycle” sentiment gains traction.
If the pattern materializes, a new all-time high at $2.25 seems a credible price target, as soon as next month given Popcat’s recent momentum.
However, while a potential run to a $10 billion market cap and a $10 Popcat price isn’t out of the question, traders shouldn’t hold their breaths for such a valuation for what is essentially a newer, less established meme coin.
This New Low Cap Gem Could Rally Harder
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