This week the meme coin Popcat (POPCAT) rallied to a new all-time high (ATH) amidst the bullish run of the crypto market. The price rally was due to a surge in investors' interest in the digital asset which indicates that the coin will see further spikes.
The technical indicators of Popcat also suggest that the meme coin will gain further and reach the $5 mark soon as the crypto market continues its upward momentum.
Analysts are saying that the POPCAT price has taken off which means that the meme coin has now entered a growth phase. Many are of the opinion that the digital asset is heading towards a “price discovery mode”, as it explores new resistance levels above the ATH.
Phrases like “Cat is POPPING”, and “No stop before $5!” are driving the token’s demand in the crypto market as many traders believe that POPCAT is headed to a milestone.
This resulted in debates about whether the meme coin actually hit the $5 mark as forecasted. In the last 24 hours leading up to November 14 evening, Popcat has risen 29.54% to touch $1.83. This shows the popularity of the Solana-based meme coin.
Popcat's price fluctuated between the daily low of $1.41 and the peak at $2.00, which was the new ATH for the meme coin.
This month triggered explosive gains in cryptocurrencies courtesy of Donald Trump's win in the US election. This includes Bitcoin reaching a new high at $93,000 and altcoins like Cardano, Solana, and Tron rallying.
Meanwhile, the US election results have sparked double-digit rallies for meme coins like Dogecoin, Bonk, Dogwifhat and Pepe. Popcat also has gained more than 20% in the last week to stand out in the meme coin market. Earlier in 2023, the digital asset's price rose by 2316%, making it one of the top performers of the year.
If the token crosses its current barrier it will rise further to hit the $2.50. The Solana-based meme coin might rally towards $4 and eventually surpass it to touch the $5 mark. This means Popcat will surge more than 170% in the near future.
The digital asset's RSI is near the overbought zone at 60 which indicates the upward trend will continue. The MACD lines depict a crossover with the MACD line running above the signal line which points towards a bullish run.
Popcat is also facing substantial gains in the derivatives market with a major spike in open interest and trading volume which has boosted investors' confidence in the digital asset.
All these factors highlight the meme coin’s growth potential in the current crypto market rally, making Popcat a promising digital asset for many investors.
As of November 15 morning, POPCAT was down 11.48% in the last 24 hours to trade at $1.64 while its market cap stood at $1.61 billion. The trading volume of the meme coin has also declined by 40.10% to touch $229.56 million.