POPCAT Price Inches Higher — Just 15% Shy of Reaching New All-Time High

Key Takeaways

• Popcat (POPCAT) trades just 15% under its all-time high price of $1.
• It recently broke out from a triangle and $0.65 resistance area.
• Can POPCAT maintain its pace and reach a new all-time high?

The POPCAT price has been moving upward since Sept. 6. The increase accelerated this week, amounting to 19% on Sept. 18. With its surge, POPCAT has become the seventh largest meme coin, the third in the Solana blockchain, and the largest cat meme coin.

Let’s examine the POPCAT price movement and see if it can reach a new all-time high.

POPCAT Price Breaks Out

The daily time frame POPCAT analysis shows that the price had traded inside a long-term symmetrical triangle since June. While the triangle is considered a neutral pattern, it is transpiring after an upward movement, making a breakout from it more likely.

After bouncing at the triangle’s support trend line (white) on Sept. 6, POPCAT started to increase and broke out from the triangle on Sept. 12. While doing so, it also reclaimed the $0.65 horizontal area, making the breakout more legitimate.

Furthermore, technical indicators validate the breakout. The Relative Strength Index (RSI) and MACD are increasing and have crossed their bullish thresholds at 50 and 0, respectively.

New POPCAT All-Time High?

The long-term POPCAT wave count also supports the ongoing upward movement. Because of the presence of the triangle, the decline since July may have been part of wave B in an A-B-C structure.  The sub-wave count is in black, which implies the correction is over.

If the count is accurate, POPCAT has now started wave C. If it has the same length as wave A, POPCAT will reach a new all-time high of $1.45.

However, since a triangle cannot be part of wave two, the entire increase is corrective. So, after the target is reached, the price of POPCAT could begin a lengthy correction that takes it to new lows.

Breaking $1 Could Be Soon

The POPCAT price action and indicator readings are bullish, confirming the ongoing breakout. The wave count gives a target of $1.45 for the top of the current upward movement. This would be a new all-time high and could mark the top of the current market cycle.