With the 129% recovery rally continuing to gain momentum, will the Solana token POPCAT hit the $1 mark?
As the Bitcoin price surpasses the $62,000 milestone, meme coins are jumping back into action. With a rounding bottom reversal in the daily chart, POPCAT is making a comeback as the broader market recovers.
Siphoning momentum from the broader market bull run, the POPCAT token surged 19.21% yesterday. Currently, it shows an intraday gain of 3.08% from the opening price of $0.8439. At press time, POPCAT trades at $0.86661, asserting dominance over the $0.85 psychological mark.
Will POPCAT Hit $1?
Based on the Fibonacci levels, the recovery began at $0.3778 on August 6. The meme coin has now surpassed the 78.60% Fibonacci level, experiencing a remarkable 129% increase over the past 44 days.
Over the past 44 days, the meme coin has formed a series of higher lows and is approaching the previous swing high of $0.97. The daily chart indicates a potential rounding bottom reversal, with the neckline near this swing high.
As the bullish trend approaches the neckline, a breakout could propel the price to the 1.618 Fibonacci level at $1.34031, representing a 55% increase from the current market price—an impressive bullish target.
However, breaking through the supply zone at $0.97 is crucial. A broader market slowdown, combined with the POPCAT challenging this neckline, could trigger a bearish reversal.
In such a scenario, critical support levels are located at the 78.60% and 61.80% Fibonacci levels, at $0.8453 and $0.7454, respectively. A bullish bounce from either of these levels could signal the formation of a cup and handle pattern with the same neckline.
The MACD momentum indicator shows a positive trend with rising average lines and histograms. Additionally, the 50- and 20-day EMAs remain bullish, further supporting the upward momentum.
Smart Whale Makes $1.2M with POPCAT Rally
As the recovery in the POPCAT coin gains momentum, a savvy whale is reaping significant profits. Specifically, in under two days, between September 12 and 13, the whale made more than $1.2 million.
The whale leveraged $4.13 million USDC to acquire 6.11 million units of the POPCAT tokens at $0.68. Currently, the investor holds $1.21 million in unrealized profits. This ongoing position reflects the whale’s confidence, suggesting that a target of $1 could be within reach.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
