We hope you're enjoying your weekend.
We are jumping on to give a quick update on $POPCAT as we know many of you have relatively big positions in this play.
POPCAT is currently trading around $0.65, barely 10% away from its ATH. We remember how painful it was to see POPCAT drawdown from its ATH at $0.72 to $0.22.
So, we understand that you may be looking forward to POPCAT getting back to ATH so you can sell this time – but is this the right move?
Let's get into it.
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. "One Glance" by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. These are not signals, and they are not financial advice.
Technical analysis
The last five days of price action have been phenomenal, with POPCAT bouncing from the $0.22 horizontal support and moving basically vertically higher.From a technical analysis perspective, the most positive aspect of this move is that POPCAT has broken past all the major horizontal resistances and downtrend lines we had drawn.
Price is now at the last horizontal resistance of $0.65, the last Daily candle closure highs, before an all-time high test of $0.72.
Now, we note that POPCAT is overbought on the Daily timeframe, and it wouldn't surprise us if it chopped around in a range for a few days, say between $0.55 (the last horizontal resistance, now potentially new support) and the prior highs of $0.72 as a new horizontal resistance.
A small period of consolidation would probably be more positive for POPCAT in the medium term. But, we really note how significantly the POPCAT narrative has improved on Twitter and how it's being spoken out in the "DOGE of Cats' light rather than just a beta play to WIF.
Whilst we appreciate that POPCAT is overbought here, we can't rule out that POPCAT pulls a WIF type of move here, which would probably send $POPCAT well north of $1.20 if it were to play out.
Cryptonary's take
We're not selling here, and we're not really planning on selling anytime soon. If the 'DOGE of Cats' narrative continues to gain traction, then it is simple: time to up your price targets.TLDR: in our opinion, if you didn't sell at the last ATH, selling now might be premature, and you may miss out on the next ATH.
Let's see what we get.
LET'S GOOO!!!!!
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