Popcat (POPCAT) has experienced a notable surge of 11% in the last 24 hours, outpacing the leading memecoin, Dogecoin (DOGE). Despite DOGE maintaining its status as the top performer of the week with over 30% gains, its modest rise of just 2% in a single day suggests a potential cooling off after a significant rally.
The resurgence of Popcat aligns with Bitcoin’s breakout from a four-month slump, which has positively influenced the broader cryptocurrency market. During Bitcoin’s initial ascent, Popcat reached an all-time high of $1.50, later settling at around $1.37. The recent price action reflects heightened interest in Popcat, particularly as investors seek alternatives to established memecoins like DOGE.
As DOGE surged to approximately $0.15, driven by investor enthusiasm for altcoin exposure, Popcat’s performance indicates a shift in focus within the memecoin sector.
Interestingly, when Popcat’s price dipped to $1.23, a local low just days after its all-time high, there was a significant withdrawal of around $4 million worth of POPCAT tokens from exchanges. This coordinated movement may suggest accumulation by buyers looking to capitalize on the recent DOGE rally.
The withdrawal indicates that some investors are positioning themselves for potential future gains, viewing the current price levels as an attractive entry point.
Despite Popcat’s recent gains, technical indicators present a mixed outlook for its immediate future:
Hourly charts show bearish indications, with both the Relative Strength Index (RSI) and MACD trending downward. These signals could suggest that a price correction may be imminent.
Conversely, strong accumulation patterns and potential capital rotation from DOGE could support upward momentum for Popcat. The established support line at $1.23 appears to be holding well, providing a foundation for future price increases.
Looking ahead, Popcat faces crucial resistance levels at $1.82 and $2.07, which have not been tested since early April. A breakout above these levels could yield a potential run-up of approximately 38%.
However, if enthusiasm around Apechain diminishes or market conditions shift unfavorably, Popcat could retrace to support levels at $1.10 and $0.94, with further downside risk extending to $0.54, representing a possible decline of up to 60% from current levels.