Key Takeaways
- Popcat, a Solana-based meme coin has shot up 56% in under 12 hours.
- This rise in POPCAT comes as Bitcoin forms a potential bototm and eyes a reversal.
- Influencers on Twitter are favoring this cat-themed crypto to do big things.
Popcat, a Solana-based meme coin, has shown incredible performance in the past 12 hours as it shot up 56%. This move is interesting since it occurred on Monday, when Bitcoin price crashed nearly 5%. But the potential reversal outlook suggests BTC could be ready for a reversal, which could add a tailwind to altcoins.
Note: Unlike our previous post, this POPCAT article is a short-term outlook and provides a clear trade opportunity.
Regardless, Key Opinion Leaders (KOLs) or influencers on Twitter are showing supporting in favor of Popcat and expecting it to rally much higher.
Murad, tweeted that POPCAT is in his “Highest Conviction Cults” list.
First coin I am including in my Top 10 Highest Conviction Cults list is $POPCAT.
The strength it is showing vs. BTC and SOL on a bloody day like this is frankly insane. I think once we close above $0.32 its gonna go gangbusters. It has reached critical mass. pic.twitter.com/fvFvtS7icN
— Murad (@MustStopMurad) June 24, 2024
Another Twitter user with the screen name “artsch00lreject” added that Popcat was “trading like it’s about to save Solana summer,” reminiscing the Solana-driven bull run where all SOL-based altcoins witnessed massive uptrend.
$popcat trading like it’s about to save solana summer
— artsch00lreject (@artsch00lreject) June 24, 2024
Popcat price likely to provide a buying opportunity
Popcat price has overcome the $0.329 to $0.349 hurdles during its 56% ascent on Monday. This surge is likely to come undone in Tuesday’s Asian and London sessions, which could cause liquidations of late bulls. Regardless, for investors that missed the initial run-up, this retracement will be a blessing disguise as it would provide another buying opportunity.
The said pullback will likely knock Popcat price down to the $0.329 to $0.349 hurdles, where the cat-themed crypto will likely find a stable support level. Sidelined buyers can use this opportunity to accumulate the POPCAT meme coin.
A bounce here could easily propel the Solana-based altcoin to the next area of interest, extending from $0.533 to $0.553. This move would provide an opportunity to capitalize on a 50% to 70% move.
A deep dive on what toe expect from Popcat price – Read more
This above-mentioned outlook is a clear-cut trade idea, hence it is only logical that there is an invalidation level to protect investors’ capital. While the POPCAT dip-buyers should pay attention to $0.329 to $0.349 levels, they should also expect a sharp selling pressure to also knock Popcat price as low as $0.300 before buyers step in.
If POPCAT fails to hold above $0.238 and produces a distinctive lower low, it would invalidate the bullish thesis and suggest a further continuation of the downtrend.
