Popcat found support and resumed surge after a week’s break in buying. The price looks strong today as meme coins take the stage in the latest market recovery, leading the park with 18% gains in the past 24 hours.
Since the price bounced off a six-month support trendline (white) two months ago, Popcat has been in an upward range as the bulls step back.
The market landscape suddenly changed in September and the price rose consistently until it reached a high of $1.5 earlier this month. That move was supported by a newly formed rising support line – marked orange on the daily chart.
A rejection occurred and it pulled back from that high after a month rally. Luckily for the bulls, the $1.12 level provided support and the price bounced higher to $1.59 last weekend. The price pulled back again and found solid ground above the previous support in the mid-week.
It resurged with a double-bottom formation and now looks set for bigger moves. Compared to yesterday’s surge, which reveals a notable increase in the volume inflow, buying pressure appears low at the moment but we can expect it to increase when more volume flows into the market.
While staging another rally, the price is expected to break higher soon. And if the price drops below the orange support line, Popcat may correct lower to the white support line before resuming a bullish move.
Popcat’s Key Levels To Watch
Considering the double-bottom formation, we can expect a breakthrough last week’s $1.59 high to $1.8. The next key level for tests would be $2.
If the price breaks down the orange dynamic support line, the levels to consider for drops would be $1.12, $0.9 and $0.66 respectively.
Key Resistance Levels: $1.6, $1.8, $2
Key Support Levels: $1.12, $0.9, $0.66
- Spot Price: $1.37
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: remakeme/123RF // Image Effects by Colorcinch