- POPCAT has risen to change into the eighth largest memecoin by market cap, surpassing Mog Coin.
- Yet, it nonetheless has a protracted highway forward to achieve key psychological targets.
Unlike most memecoins, Popcat [POPCAT] has proven putting value volatility within the post-election cycle.
Just two months in the past, POPCAT made a splash by reaching the $1 mark, leaving its rivals within the mud. However, it failed to draw the identical capital influx in November, and a few might have written it off. But don’t depend it out simply but.
Despite latest setbacks, POPCAT has climbed to change into the eighth largest memecoin by market cap. Even extra intriguing, the token it overtook noticed a close to 80% surge final month.
Now with a razor-thin hole between the 2, may POPCAT be primed for a parabolic rally to an all-time excessive? The subsequent goal is $2. What are the chances?
Intense accumulation is the necessity of the hour
Much of the positive aspects POPCAT made in the course of the preliminary part of the election rally, which propelled it to a brand new all-time excessive of $2.08 in underneath two weeks, have since been erased attributable to heavy profit-taking. As of now, the token is valued at $1.50 (on the time of writing).
As a consequence, POPCAT stands out as the one token among the many high 10 meme-coins to have dipped into the crimson within the 30-day share surge.
However, wanting nearer, POPCAT has proven indicators of restoration over the previous 7 days, outperforming its rivals with a 13% soar and a impartial RSI, suggesting potential momentum for a rebound.
Yet, there’s a twist. In the mid-November cycle, POPCAT confronted vital resistance round its present worth, resulting in a pullback close to $1.20. Clearly, the meme-token is now standing at a vital juncture.
Source : Coinglass
To forestall historical past from repeating itself, the $1.50 degree should flip into strong assist.
The crimson stick, exhibiting round $2 million value of POPCAT tokens being withdrawn by spot merchants, indicators a optimistic signal and means that the market views the present value band as a possible backside.
However, to substantiate this, it will likely be essential to watch this metric within the coming days and assess how the market is responding to the present value. If the underside holds, a possible rise to $2 could possibly be on the horizon.
Still, the inherent dangers of POPCAT stays
The aforementioned evaluation clearly exhibits that POPCAT’s latest value motion is extremely speculative, with erratic swings signaling vital worry amongst buyers, all chasing fast, outsized returns in a short while.
So, with out a stabilizing drive to soak up this volatility, predicting a clean path for POPCAT to achieve $2 turns into a troublesome guess, irrespective of how bullish the broader market could also be.
Here’s the place it will get regarding. According to a different AMBCrypto report, whale addresses holding 100K+ POPCAT have noticeably lowered their holdings over time, whereas smaller cohorts have held robust.
Realistic or not, right here’s POPCAT’s market cap in BTC’s phrases
This pattern indicators waning confidence from the massive gamers, which may spell hassle for POPCAT’s long-term development prospects, pushing an all-time excessive additional out of attain.
Therefore, except this pattern reverses, POPCAT may proceed attracting speculative curiosity, however with no robust fundamentals to information its long-term outlook, the highway forward stays unsure.
