Popcat (POPCAT) has experienced an impressive surge, with its price soaring 102.90% over the past week. Currently trading at $0.584582, Popcat has a 24-hour trading volume of $41,350,829. This rapid price increase has set it apart from the global cryptocurrency market, which is down 1.50%, and from other meme cryptocurrencies, which have only increased by 1.70%.
Technical Analysis Highlights Bullish Momentum
Deep Cypher, a renowned analyst, shared insights into Popcat’s performance. He revealed that he purchased over a million POPCAT at around $0.01 and made profits before the coin reached $0.07. Cypher calls Popcat the “chosen one” and suggests this might be the last opportunity to buy under $0.50 if it dips again.
BOUGHT OVER A MILLION $POPCAT WHEN IT WAS AT AROUND ~$0.01 (TOOK PROFITS AS WELL, THIS WAS BEFORE I HAD “CONFIRMATION” AND KNEW $POPCAT WAS HERE TO STAY..)
I LITERALLY CALLED $POPCAT THE CHOSEN ONE AFTER IT RETRACED TO $0.07.
I’M CALLING IT THE CHOSEN ONE AGAIN HERE..… https://t.co/gGv14e9BqI pic.twitter.com/NqEeLwKfII
— Deep Cipher ✍🏽 (@DeepCipher) June 30, 2024
Crypto Knight, another notable figure, posted an image with the caption, “$popcat flip the highs and run to infinity,” indicating strong bullish sentiment. Per Crypto Knight’s chart, the previous resistance zone around $0.60 now acts as a support level. This transition from resistance to support is a bullish signal, indicating the potential for further price increases. The historical price action shows a consolidation phase around the $0.60 level before a breakout, reinforcing this bullish trend.
$popcat flip the highs and run to infinity pic.twitter.com/wHkl6ULxog
— KNIGHT $INJ TO 100$ (@cryptoknight890) June 30, 2024
The chart projects a potential price increase towards $1.06, suggesting a possible rise of approximately 174.67%. The successful retest of the $0.60 level, combined with the presence of flag patterns, supports a bullish continuation. These patterns usually indicate periods of consolidation before the trend resumes, signalling potential further gains for Popcat.
Indicators Confirm Overbought Conditions
The price is near the upper Bollinger Band, indicating an overbought condition. The middle band, acting as a support level, is at $0.6116, while the lower band, at $0.3585, serves as a major support level. The CCI, currently around 108.5606, indicates bullish momentum as it is above the 100 mark and zero line.
The MFI is at 79.64, just below the overbought territory of 80. This suggests that the price might experience a pullback or consolidation before continuing its upward movement.
Weekly Timeframe Analysis
On a weekly timeframe, the chart shows similar bullish indicators. The price is near the upper Bollinger Band, suggesting potential overbought conditions. The middle band at $0.6359 could act as a resistance level, while the lower band at $0.3094 provides significant support.
The Woodies CCI, showing values around 157.3833, indicates strong bullish momentum. This value, well above the 100 mark, confirms the upward trend. The MFI, at 60.97, is below the overbought level, suggesting there is still room for further upside movement.
These indicators, along with the chart analysis, highlight the potential for continued bullish momentum in Popcat’s price. The key support and resistance levels, combined with the overbought conditions indicated by the Bollinger Bands and MFI, suggest a possible consolidation before further upward movement. However, the strong bullish signals from the CCI and the projected price movement towards $1.06 reinforce the positive outlook for Popcat.
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