Date: Mon, Nov 11, 2024, 08:44 AM GMT
The crypto market is off to a bullish start this week, maintaining the bullish momentum ignited by Donald Trump's election victory on Nov 5. Since then, Bitcoin (BTC) has been hitting new all-time highs almost daily, with the latest peak at a stunning $81,858.
As Bitcoin continues its stellar performance, Solana-based memecoins like Dogwifhat (WIF) and Bonk (BONK) have joined the rally, posting impressive gains. POPCAT, however, has yet to experience a full-fledged breakout but is showing signs of building momentum, gaining over 7% today and trading at $1.54 with a market cap of $1.50B.
Source: Coinmarketcap
Eyeing for a Key Breakout
Currently trading at $1.55, POPCAT's chart is presenting a setup similar to one seen last month, where POPCAT broke out and surged by 44%. In this scenario, the price is once again approaching a critical downtrend line (marked on the chart), which has been acting as resistance.
If POPCAT manages to break above this trendline, it could pave the way for an upward move toward its next major resistance at $1.81—its all-time high (ATH)—which is just 17% away from the current price.
If POPCAT succeeds in crossing this ATH level, it could trigger a new bullish phase with the potential to reach $2.00, a significant psychological level and a potential target for buyers.
RSI and Momentum
The Relative Strength Index (RSI) is currently around 59, close to the 60 mark that often signals a shift in momentum. An RSI above 60 would suggest that buying pressure is picking up and that POPCAT has room to rise without being overbought. This reading supports the potential for a breakout if volume and buying interest increase in the coming sessions.
Key Levels to Watch
Support at $1.45: This level has been acting as a key support zone, providing a cushion for the price and allowing buyers to enter when POPCAT dips.
Resistance at $1.81 (ATH): This all-time high level is the next significant resistance. A decisive move above $1.81 could ignite fresh buying interest and push POPCAT toward $2.00.
Psychological Target at $2.00: A move to $2.00 would not only be a new ATH but would also serve as a strong psychological level, where traders may start to take profits or look for further growth.
Conclusion
POPCAT’s current technical setup points to an impending breakout if the downtrend resistance is breached. Given the broader crypto market's bullish sentiment, driven by BTC’s record highs, POPCAT may very well join the rally and aim for a new ATH. Traders should watch the trendline resistance closely, as a breakout could lead to substantial gains, with $1.81 and $2.00 as key targets. However, as with any trade, it’s essential to consider market volatility and conduct thorough research.
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Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
