After significant corrections, the memecoin POPCAT appears to be finding a key support and signaling a potential trend reversal. Delve into a detailed technical analysis to uncover the critical next steps of this recovery.
The cryptocurrency market is showing early signs of recovery, with Bitcoin (BTC) bouncing back from its weekly low of $76,000 to currently trading around $83,000.
After months of significant corrections across the market, memecoins, especially POPCAT (POPCAT) based on Solana, have suffered heavy losses, plummeting 80 to 93% over the last 90 days.
However, as the market stabilizes, POPCAT is starting to show promising signs of a rebound. Over the past week, it has displayed notable gains after holding firmly at key support levels.
This surge comes especially after the announcement of its listing on Robinhood, a reputable exchange in the cryptocurrency space.
Interestingly, the token is forming a V-bottom pattern, a classic bullish reversal structure that often signals the start of a trend change.
POPCAT was one of the first tokens to ride the memecoin wave based on Solana, soaring +857% to reach its all-time high of $2.08 on November 18, 2024. However, the excitement was short-lived as the token entered a deep correction phase, plunging 93% from its peak.
Now, POPCAT seems to have found strong support at $0.13, a crucial support zone. This level has become a base for a potential rebound, with buyers slowly regaining control. The token is currently trading around $0.19, showing bullish signals.
Indeed, POPCAT has just broken and is holding above its 3H Ichimoku cloud. Currently up 10% today, it could extend its 10% rise in the next 24 hours aiming for the resistance at $0.22 on the Mean Reversion Channel.
In the long term, for a major uptrend in POPCAT, it will be essential to keep in mind that the protected high of $0.63 is a crucial resistance to break to finally push the memecoin towards new ATH.
Before that, the range between $0.37 and $0.40 could also curb POPCAT’s momentum and must also be breached.
A decisive breakthrough above these levels would confirm a trend reversal, likely triggering new buying interest and hence additional upside potential.
The viral memecoin based on Solana is available on Bitget. Here is a clear guide on how to acquire Popcat on the exchange :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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