Market Direction

$1.20 support holds key for POPCAT

Published: Oct 28, 2024

POPCAT is hovering near critical levels today, with support at $1.20 and resistance at $1.60. The next move could be explosive, influenced by BTC's performance.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

POPCAT has maintained it's larger uptrend with price having squeezed in to the top of the resistance box in recent days.
Whilst the price has generally ground higher, the RSI has a slight downtrend.
On the downside, $1.20 to $1.30 should act as an important zone of support for POPCAT.
On the upside, it's quite clear. Price needs to clear all-time highs, with $1.60 now being the resistance area.

8. POPCAT price analysis chart with trendlines, resistance levels, RSI, and an upward trend indication for possible price action.

Next Support: $1.20
Next Resistance: $1.60
Direction: Neutral/Bearish
Upside Target: $1.60, then $1.80
Downside Target: $1.20

Cryptonary's take

This feels quite a crucial moment for POPCAT, as the price has created new highs, but the RSI has become more compressed; it then feels as if the next move could be an explosive one. It may even be the case that BTC's next move determines this next move, i.e. if BTC breaks out, so can POPCAT and vice versa.

What's positive is that POPCAT is pretty sweet here, around the $1.50 mark, and there isn't much talk/euphoria around it (aside from a few Murad tweets, I suppose).

In all honesty, I (Tom) am very unsure of the next direction for POPCAT's price here. I can see a scenario where BTC breaks out (especially if it's upon a Trump win), and POPCAT goes ballistic into price discovery. But I can also see the scenario that if BTC breaks below $65k (this isn't our current thinking, though), then POPCAT could retest $1.20.