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Cryptocurrency News Articles
Popcat Memecoin Poised to Surpass Bonk, Target $2 Market Cap by Q4 End
Oct 14, 2024 at 02:00 pm
Popcat [POPCAT], the Solana-based memecoin, is on a roll, experiencing a significant double-digit surge this week as it closes in on BONK.
Solana-based memecoin Popcat [POPCAT] experienced a significant double-digit surge this week, closing in on BONK as analysts predict it could surpass the memecoin by Q4.
Anticipation of a Binance spot listing is crucial, with the memecoin aiming for a 1:1 ratio with WIF before its next parabolic ascent.
According to CoinMarketCap, BONK, the fifth-largest memecoin, saw its market cap decrease by over 2% in the last 24 hours.
Meanwhile, POPCAT is closing the gap, currently sitting at a market cap of $1.4 billion after a 4% rise.
If this trend continues over the next 60 days, POPCAT could approach the $2 mark, placing it ahead of BONK in market capitalization.
Interestingly, while BONK started October on a bearish note with higher lows, POPCAT significantly outperformed this trend, recording daily gains exceeding 10% and challenging its previous all-time high (ATH).
This development showcases how POPCAT is emerging as a strong competitor to dog-themed coins, whose dominance has waned since Solana memecoins entered the scene.
As mentioned earlier, $2 is a crucial resistance level for POPCAT to reach. While current market statistics show potential, several key conditions need to align for this target.
A bullish MACD crossover hints at increased activity in the coming days, usually indicating a market bottom. However, despite this bullish sign, trading volume in the last 24 hours has decreased by over 30%.
Bearish sentiment in the market, led by BTC’s downward swing, raised concerns among traders.
Additionally, an RSI nearing overbought territory could worsen the situation, indicating signs of overheating.
As POPCAT recently hit an ATH of $1.48, a common strategy for traders would be to consider exiting this cycle, especially as BTC dipped below the $63K mark.
As a result, POPCAT may be set for a short-term price correction before targeting $2. According to AMBCrypto, a retracement to $1.42 could be a healthy sign, allowing weak hands to exit and creating opportunities for new buyers to enter the market.
The cat-themed memecoin surged nearly 30% following the listing of its perpetual contract on Binance, adding to the double-digit gains it recorded after its mid-September listing on Kraken.
Anticipation for a potential spot listing on Binance is set to create a buzz on social media, a key indicator in price movements, especially for memecoins.
As a result, spot traders are already eyeing the current price as an ideal “dip,” expecting it to yield 10x gains in the future.
While a retracement may be due to current market conditions, the influx of traders entering an accumulation phase signals a bullish trend, keeping the $2 target within reach.
Overall, POPCAT appears poised to surpass BONK as the fifth-largest memecoin on the charts. Several factors support this hypothesis, including consistent daily gains, resistance levels flipping into support, bulls showing resilience during market downturns, and key developments enticing traders for potential high returns.
This confluence of factors suggests that POPCAT could indeed reach $2 and eclipse BONK before the Q4 cycle ends.
Disclaimer:info@kdj.com
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