The Solana-based memecoin POPCAT is once again trending as it faced rejection at the $0.65 price level. This latest price action has sparked debate about the token’s short-term prospects and long-term potential of the meme coin.
Recent data shows the cat-themed memecoin trading between a 24-hour low of $0.5683 and a high of $0.6557. The token’s inability to break through the $0.65 resistance level has led to increased speculation about its next move.
POPCAT is over 43% down from its ATH
The memecoin is currently down 43.08% from its all-time high of $0.9976, reached on July 21, 2024. This drop over the past two months has left investors and traders divided on the token’s future trajectory.
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Analyst opinions on the memecoin’s prospects vary widely. Cold Blooded Shiller, a prominent crypto analyst, suggests that the memecoin looks “destined for significantly lower” prices following its rejection at $0.65.
$POPCAT under $0.65 and rejected yesterday.
Looks destined for significantly lower. pic.twitter.com/LFe7mJU8Dd
— Cold Blooded Shiller (@ColdBloodShill) September 11, 2024
In contrast, X user r/JustEnjot remains bullish, stating they “wouldn’t be surprised if popcat did $10 when it pops.” They view the past six months as an accumulation period.
Analyst Kronicle highlights POPCAT’s volatility, describing its chart as having “countless heart attack moments sprinkled with periods of euphoria.” Kronicle maintains a long-term bullish outlook, suggesting the cat memecoin could reach “multi-billions.”
POPCAT’s price movements have been characterized by sharp spikes and equally dramatic drops, making it a high-risk, high-reward asset for traders.
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