POPCAT hits new ATH with 19% surge despite mixed signals

Popcat, a Solana-based meme coin, registered an impressive rally to capture a new all-time high and defied the shaky mood of the overall market.

This dramatic increase continues a multi-day trend, with the asset experiencing significant bullish momentum since October 4. That day, Popcat (POPCAT) increased by 21.8%. Interestingly, October 6 brought another rise of 15.17%, fueling the ongoing uptrend.

POPCAT is up 19% in the last 24 hours and is trading at $1.45 at the time of writing. Its price also gained 53% last week and its market value rose to $1.4 billion. The increase in 24-hour volume to $155.8 million confirms the growing interest.

POPCAT 1D chart – October 7 | Source: crypto.news

The asset has surged to an all-time high of $1.48 this morning, surpassing the $1.07 peak set last month. Despite a slight correction from $1.48, POPCAT remains in price discovery. The rise now places it above the Upper Bollinger Band at $1,338, indicating an overbought condition.

This often indicates that a possible price correction is on the horizon as market participants seek to make profits. However, in strong uptrends, prices may remain overbought for a long time, leading to further rises.

The Commodity Channel Index, currently at 267.67, supports this. This CCI reading indicates excessive buying pressure and a potential reversal if the trend weakens.

However, if the buying momentum continues, this momentum could push POPCAT into higher territory before a meaningful pullback.

If a pullback occurs, immediate support lies at $1.2172. A decline below this level would expose the coin to further losses, with $1.0698 serving as the last line of defense above the psychological $1 barrier.

If the price falls below $1, the bulls will need to defend the $0.8313 pivot level to avoid falling into the bearish zone. Despite these possible risks, price action remains bullish for now.