Trader Says Memecoin That’s Up Over 15,000% Year-to-Date Still Looks Pretty Strong, Updates Outlook on Bitcoin
Largely adopted crypto analyst Altcoin Sherpa believes that one red-hot memecoin has extra room to run to the upside regardless of astronomical beneficial properties to date this yr.
The pseudonymous dealer tells his 221,900 followers on the social media platform X that Solana (SOL)-based meme token Popcat (POPCAT) may stay in an uptrend after bouncing off a key degree at round $0.64.
“POPCAT still looks pretty strong for now, great S/R (support/resistance) retest. If it guns for the highs again, this will be the leading category for memes and also CAT beta.”
Popcat is buying and selling for $0.59 at time of writing, up greater than 15,000% since hitting a low of $0.00379 in January.
Subsequent up, the analyst says that whereas macro situations could also be bullish for Bitcoin (BTC), the crypto king seems to be flashing blended indicators within the close to time period.
“I don’t know the place BTC is at. It’s bearish on the one-day, bearish on the 200-day exponential shifting common (although proper at it so no actual sturdy sign there) and nonetheless bullish on the one-week (although it could nonetheless be bullish till $40,000, so not an important indicator both).
Too many conflicting ideas right here. We’re nonetheless in the identical buying and selling vary as earlier than, and I don’t see a lot readability proper now. Macro surroundings appears good general with elections plus charge cuts coming in plus much less general provide coming from [Mt.] Gox, Germany, and so on.
However I actually haven’t any clue what occurs within the quick to medium time period.”
Bitcoin is buying and selling for $59,308 at time of writing, up barely within the final 24 hours.
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