POPCAT Price Recovers After Dip — on Track for a New All-Time High

Key Takeaways

• POPCAT reached a new all-time high price on Oct. 7.
• The price has completed an A-B-C corrective structure.
• Does POPCAT have the strength to extend its rally?

POPCAT has been one of the best performing Solana memecoins in the current cycle. Even though it only launched in Dec. 2023,  it has increased massively since and is currently ranked #55 based on its market capitalization. It is the third largest Solana memecoin and the largest cat-themed memecoin.

POPCAT reached a new all-time high on Oct. 7 but fell slightly afterward. Let’s analyze its price action and see if this is just a temporary dip or the beginning of a new downward trend.

POPCAT Reaches All-Time High

The daily time frame POPCAT chart shows the price has increased since Sept. 6. POPCAT accelerated its increase once it broke out from a symmetrical triangle and the $0.65 horizontal area on Sept. 13.

The increase culminated with a new all-time high of $1.48 on Oct. 7. While the POPCAT price declined for three days afterward, it has regained its footing since.

The wave count indicates that the upward movement may be over. This is because it shows a completed A-B-C structure (white), in which wave B was a symmetrical triangle. More importantly, waves A:C have had a 1:1 ratio, meaning the entire structure could be complete.

However, technical indicators do not show any signs of weakness. Neither the Relative Strength Index (RSI) nor the Moving Average Convergence/Divergence (MACD) have generated any bearish divergence, and both are increasing.

So, it is worth looking at lower time frames to see if the upward movement can continue to $2, giving wave C 1.61 times the length of wave A.

Can POPCAT Break Out?

The shorter-term six-hour time frame also gives mixed readings. Currently, the POPCAT price is at a confluence of resistance levels at $1.30, created by the 0.5 Fibonacci retracement resistance and the trend line of an ascending channel.

If the price of POPCAT breaks out, it will mean that the recovery is not corrective, and POPCAT can extend its increase toward the next target at $2.  Technical indicators are leaning bullish, so a breakout is more likely. The RSI has moved above 50 and the MACD is close to making a bullish cross.

On the other hand, a rejection could mean that the upward movement is over. This would be confirmed with a breakdown from the ascending parallel channel. Currently, this seems less likely.

Critical Resistance Ahead

There are mixed signs regarding the future POPCAT price prediction. While the daily time frame wave count implies the upward movement may be over, there is no weakness present in technical indicators.

Short-term time frames show that POPCAT trades inside an important confluence of resistance levels. Whether it breaks out or gets rejected can help determine the future trend’s direction.

Read More: POPCAT Price Prediction 2024: POPCAT Price Analysis