Several market observers suggest that memecoin sensation Popcat (POPCAT) is about to hit a new all-time high (ATH). As the token attempts to regain key resistance levels, some analysts warn that the cat-themed memecoin could soon see a correction towards its monthly open.
Popcat retests $1.4 resistance level
Memecoin sensation Popcat has been one of the best-performing cryptocurrencies over the past three months. Despite the market setbacks, the token outperformed most cryptocurrencies, becoming the first cat-themed memecoin to reach a market capitalization of $1 billion.
In the last 30 days, Popcat has seen a 108% surge, hitting three new ATHs since rip the dollar barrier. After reaching its last ATH of $1.56 a week ago, the cryptocurrency has been in a 7-day downtrend.
The memecoin unsuccessfully attempted to break above the trend line earlier this week, facing a correction towards the $1.2 support level. Popcat bounced 16.6% from this zone on Thursday, driving the token’s rise towards the $1.3 resistance level.
In the last day, the cryptocurrency retested the trendline twice after breaking above the $1.4 mark. A successful recovery from this zone could push the price towards a new ATH.
One market observer believes that if Bitcoin price holds up, Popcat should be successful break this level next week. It is worth noting that the cat-themed token followed BTC’s lead on Friday morning, rising 2.4% as the flagship cryptocurrency approached the $69,000 mark.
Is a correction coming?
Cryptoanalyst Sánchez noted that the memecoin price was “strangled” on the four chart on Friday morning. For the analyst, the cat-themed token’s performance “looked good” for another advance, but suggested the possibility of another correction before the breakout.
Ideally, we get a good reaction around ~1.29 so that the C becomes fuller and the cat starts popping again.
A drop from the $1.3 mark could send Popcat price towards the $1.1-1.0 mark. Crypto trader Tony suggested that the cryptocurrency could see a retest of the monthly open around $1.01 in the event of a rejection.
Despite the correction forecast, memecoin has seen a 7% rise in the last 24 hours, trading 8.7% below its ATH. Popcat regained the $1.3 mark and is trying to confirm the breakout and regain the $1.4 resistance level.
CryptoGodJohn Analyst fixed that the cryptocurrency “seems to want new ATHs and beyond this weekend” following its recent performance. Additionally, cryptocurrency trader Bluntz noted that Popcat price could achieve a 30% increase towards a new all-time high.
For Bluntz, a rise towards the $1.7 mark could occur in the short term after “being very close to a bid level” this week, but “I would like to see one more sweep.”
At the time of writing, Popcat is trading at $1.41, up 8.3% on the weekly period.
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