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Cryptocurrency News Articles
Popcat (POPCAT) Records 22% Rise in Price, Targeting the $2 to $3 Range on a Third Elliott Wave Push
Sep 19, 2024 at 05:38 pm
Popcat, a meme coin on the Solana blockchain, recorded an impressive run, making it the top gainer among the top 100 crypto assets over the past day.
output: A meme coin on the Solana blockchain, Popcat (POPCAT), recorded an impressive run to become the top gainer among the top 100 crypto assets over the past day.
The recent 50-basis-point rate cut by the U.S. Federal Reserve triggered bullish sentiment across the crypto market. Popcat leveraged this momentum, recording a 22% price increase in the past 24 hours.
At the time of writing, Popcat is trading at $0.8738, extending its gains with a 39.03% surge in the last seven days. Its market cap now stands at $856.4 million, with a $135 million daily-hour volume signaling surging investor interest.
A pattern contributing to the surge is the rounded bottom formation on the daily chart, which often indicates a potential bullish reversal. Most of the rally occurred in the last trading session, with Popcat gaining nearly 19% yesterday, its largest intraday gain in a month.
The Fibonacci pivot points suggest resistance at various levels, starting at $0.88 and moving higher to the all-time high at $1.09. As the bulls look to again cross the $1 price level, the $0.88 resistance threshold presents a formidable roadblock.
On the downside, immediate support lies at $0.75, with lower supports at $0.54 and $0.32. The price recently pushed above the critical $0.46 level, which was highlighted by analysts as a key indicator for a bullish breakout.
According to an X post by the pseudonymous analyst Impulsive Dom, this breach signals a solid upward momentum, with the possibility of Popcat targeting the $2 to $3 range on a third Elliott Wave push, provided the momentum continues.
$POPCAT about to pop? 📈If #POPCAT holds above $0.46, there's a solid chance it pushes past the July high. In that case, I'd be looking at a 3rd wave targeting $2-$5.But don't be a degen at these levels, downside to the August low is 70% — manage your risk and position size. pic.twitter.com/IfQH37rQe7
Additionally, the Williams %R indicator, which currently stands at -2.93, points to an overbought condition. Readings closer to zero indicate that the asset might be nearing a short-term top, and the market could face selling pressure soon. A pullback from this level is possible, given the recent sharp rise.
Looking ahead, if Popcat maintains its momentum, the $1 target could come into play. However, caution is advised, as failure to hold above $0.75 could lead to a retest of lower support levels near $0.54 and $0.32.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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