POPCAT targets $1.40 resistance soon

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• One we've called wrong, unfortunately. We thought POPCAT might bounce from the $1.40 area, but the price broke below the uptrend line and the horizontal support.
• There is a support box between $1.13 and $1.20. We would expect this to be the major support for POPCAT if it were to even pull back that far.
• The price is in a local downtrend, so we would expect a break out at some point, with the local target being the prior support, with the new resistance at $1.40 and then $1.60 above that.
• The RSI has reset substantially, and it is now back to 40.
• One interesting and very positive element here is that we now have a hidden bullish divergence (a higher low in price and a lower low on the oscillator). It may be that this downtrend is close to being over.

• Next Support: $1.20
• Next Resistance: $1.40
• Direction: Neutral
• Upside Target: $1.60
• Downside Target: $1.13

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Cryptonary's take

POPCAT is now back to levels that look very attractive, particularly now that the RSI has reset and put in a hidden bullish divergence. Our concerns are that it's out of its main uptrend and below the $1.40 horizontal level.

We do expect POPCAT to break out of its downtrend in the coming week and likely retest the $1.40 to $1.60 range. We will reassess again once/if we get that. That's our current thinking for POP.

In the long term, we're still very bullish, and there's no change to our thesis.