The Popcat price market outlook remains positive, thanks to a market cap of $855 million and recent listing on Binance Perpetual Contracts.
Popcat's price has experienced significant gains, up 39% over the past week and 72% over the past 30 days, as optimism reignites following a 50 basis point rate cut by the U.S. Federal Open Market Committee (FOMC). In the past 24 hours alone, the meme token has increased in value by 21% and is currently trading at $0.87. This explosive rise makes POPCAT the second-largest gainer among the top 100 coins. However, with such significant gains, many investors can't help but wonder: Is it time to take a breather, or will this momentum continue?
Is a Popcat price adjustment coming soon?
The price of POPCAT has been trending steadily upwards for the past 11 days without any major corrections. On September 12, there was a slight consolidation that contributed to the formation of a bullish pennant continuation pattern. Since then, the price has surged and almost reached the resistance zone around $1.
Currently, Popcat’s price is trending within an ascending channel defined by clear and dynamic top and bottom boundaries. These boundaries have been controlling the price for the past month, which could hinder this breakout.
Popcat’s price has about 6% more potential upside before it reaches the upper boundary of the ascending channel. If the price encounters rejection at this level, it could result in a correction of up to 25% to $0.68.
If Popcat fails to hold this temporary support, it could drop to $0.57, extending the 15% correction again. The upcoming pullback could be driven by smart investors who have taken profits from Popcat.
According to Lookonchain, a smart whale bought $4.13 million worth of POPCAT on September 11 and 12 and made more than $1.2 million in less than ten days.
Whales are still sitting on unrealized profits and any signs of a correction could spur them to take profits and trigger a price correction.
Popcat Future Outlook
Despite the impending pullback, this is not the end of Popcat’s price. Popcat has a market cap of $855 million and has been listed on Binance Perpetual Contracts, which has increased its trading volume and broadened its speculative market.
Strong support around $0.50 and the rising RSI could lead to a rally above $1 to form a new ATH. However, this will require volume confirmation as the price attempts to break out of the ascending channel.
