Popcat (POPCAT) is up 13% on Tuesday (29). It outperformed popular memecoins Shiba Inu (SHIB) and PEPE, which posted gains of 9% and 8%, respectively, in the same period.
As a result, POPCAT reached a new all-time high of US$1.74. This shows strong momentum and indicates that new records can be reached.
In this sense, the following analysis explores factors that may fuel its continued rise.
Bulls are in control of POPCAT
According to the daily chart of the POPCAT/USD pair, it confirms the likelihood of a prolonged rally for the memecoin. Readings from the MACD indicator, which measures the asset’s price trends and identifies its potential buy or sell signals, confirm this bullish outlook.
POPCAT MACD. Fonte: TradingView
The coin’s MACD line (blue) is currently above both the signal line (orange) and the zero line. This position indicates an uptrend, suggesting upward momentum. As the faster-moving line crosses above the slower signal line, it reflects strong buying interest that could support continued increases in price.
Additionally, the Aroon Up Line is at 100%, confirming the strength of the meme cryptocurrency’s current uptrend. The Aroon indicator measures the strength and direction of a trend. When the Up Line is at 100%, it suggests that the asset’s price has just reached a new high.
Aroon Up line by POPCAT. Source: TradingView
Price prediction
If the bullish momentum continues, POPCAT could extend its gains and surpass the all-time high of $1.74. According to its Parabolic Stop and Reverse (SAR) indicator, bulls are currently in control of the current trend.
At the moment, the points of this indicator, which identify the direction of the asset's trend and potential reversal points, are below the price.
Furthermore, when the Parabolic SAR dots are positioned below the price of an asset, it suggests that the asset is under pressure and the trend is bullish.
POPCAT Price Analysis. Source: TradingView
However, if profit-taking activity resumes, POPCAT could undergo a correction and seek to establish support at $1.42. If this level fails to hold, the cryptocurrency’s value could drop to $1.17, representing a 33% drop from its current value.
The article POPCAT hits new record and surpasses major memecoins appeared first on BeInCrypto Brasil.
