Popcat Price Soars 49%, Leads Memecoin Pack and Crypto Market in Daily Gains
POPCAT is the biggest gainer today with a rise of over 30% in 24 hours. Will it continue moving up?
Key Takeaways
- POPCAT surged 49% on August 7 amid a market recovery.
- The memecoin has climbed by more than 45,00% since its launch, a strong uptrend.
- Social media mentions spike, driving speculative interest.
As the crypto market recovers, certain coins reap significant benefits as investors rush to capitalize on the downturn.
On Aug. 7, memecoins led the market in gains, surging by double digits in the last 24 hours. POPCAT, in particular, stood out in the memecoin comeback with a daily increase of 49%.
The question now remains: will this momentum continue, and what’s next for the POPCAT token price?
What Drove Popcat’s Rise?
POPCAT, a Solana-based memecoin, has surged by 65% over the past month. Since its launch, the token has gained over 4,529%. On July 21, 2024, it reached an all-time high of $0.9976.
The rise in POPCAT’s value was accompanied by a spike in social media mentions. Since Aug. 5, there has been an increase in social volume , with the number of mentions rising to a high of 30 and now at 25.
These values were last seen around the all-time high and could hint at a potential reason behind the price rally.
POPCAT Price Analysis
After reaching its all-time high, the price of POPCAT made a downturn. At first, it traded sideways until it hit a lower high of $0.96 on July 27, when it decisively started moving downwards.
By Aug. 5, POPCAT had decreased by 73.85%, reaching a low of $0.26. Following the drop, the asset’s four-hour chart RSI fell to the oversold zone at 28%, signaling a potential reversal.
By Aug. 7, the memecoin had bounced off of the ascending support level, reaching a high of $0.60
There are two possibilities ahead. Either POPCAT could start a new bull phase, or the rise from Aug. 5 was corrective, and another downtrend is on the horizon. If the first is true, it must form a five-wave pattern, potentially reaching the $0.80 area by completion.
But if the second is true, the rise could end as a three-wave ABC pattern at around $0.63 and make another downturn. We will see what happens next as the price approaches its first pivot point, but considering the upward momentum, further increase could primarily be anticipated.
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