Popcat Surges 11% While Dogecoin Retraces Following Market-Leading Rally
Popcat (POPCAT) continued its surge, up 11% in the last 24 hours, to outpace the leading memecoin, Dogecoin (DOGE). Though DOGE remains king of the week, with more than 30% in gains, its modest rise of 2% in a single day may hint at cooling off.
Popcat's resurgence coincides with Bitcoin's breakout from the recent four-month slump. Notably, during the first ascension of Bitcoin, POPCAT reached its all-time high of $1.50, but it later settled at $1.37. Meanwhile, DOGE was boosted by investors looking for altcoin exposure and surged to $0.15 amidst the broader market rally.
When the price touched $1.23, a local low just days after the all-time high, there was a chunky withdrawal of roughly $4 million worth of POPCAT tokens from exchanges last week. This coordinated movement may indicate accumulation by buyers after a strong DOGE rally.
However, technical analysis indicators present a more confusing outlook for POPCATâs immediate future. While the hourly charts give bearish indications, with the RSI and MACD indicators trending downwards, strong accumulation patterns and probable capital rotation from DOGE may support upward momentum. The established support line at $1.23 seems to sustain itself rather well and might form the ground for future gains.
