The POPCAT price pumped 50% this week despite a sluggish period for the crypto market. This means that POPCAT’s market cap is now well above $1.3 billion.
Crypto veteran Andrew King weighed in on the situation around POPCAT, sharing his insights on the recent price action and market trends.
King’s analysis of the POPCAT/USDT pair on a daily timeframe reveals some interesting developments. At the time of his tweet, POPCAT was trading at $1.2438, marking a 7.07% increase for the day. This represented a significant bullish move from the previous day’s close of around $1.1617. Since then, POPCAT has continued its upward trajectory and is now trading around $1.39, further emphasizing the strong bullish sentiment.
The chart shows POPCAT in a strong uptrend since late September, with a series of higher highs and higher lows. The momentum has picked up noticeably in early October, suggesting increased buying pressure.
The previous high around $1.3000 appeared to be the immediate resistance for POPCAT, which has now been decisively broken. With the price currently around $1.39, POPCAT has entered new territory, confirming King’s prediction of “price discovery.”
On the support side, the area between $1.10 and $1.16 served as a previous consolidation zone, forming a key support level. The recent $1.30 resistance may now act as a new support level. Below that, the $1.00 mark will likely act as a psychological support, as round numbers often do in crypto markets.
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Show more +The concept of price discovery is particularly important here. As POPCAT breaks above its historical highs, it enters uncharted territory. This makes it challenging to predict future movements without considering psychological levels like $1.50 or $2.00.
King’s tweet also sheds light on the potential catalysts behind POPCAT’s surge. He mentions that Murad’s talk at Token2049 has sparked renewed interest in meme coins, potentially explaining the sudden influx of capital into POPCAT. The token is being compared to other popular meme coins like BONK, WIF, PEPE, and FLOKI, positioning it as a potential “next big thing” in the meme coin sector.
Read also: This Dogecoin Chart Pattern Suggests DOGE Price Could Hit $1 – Here’s Why
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