Largely followed crypto analyst Altcoin Sherpa believes that one red-hot memecoin has more room to run to the upside despite astronomical gains so far this year.
The pseudonymous trader tells his 221,900 followers on the social media platform X that Solana (SOL)-based meme token Popcat (POPCAT) could remain in an uptrend after bouncing off a key level at around $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 trading for $0.59 at time of writing, up more than 15,000% since hitting a low of $0.00379 in January.
Next up, the analyst says that while macro conditions may be bullish for Bitcoin (BTC), the crypto king appears to be flashing mixed signals in the near term.
“I don’t know where BTC is at. It’s bearish on the one-day, bearish on the 200-day exponential moving average (though right at it so no real strong signal there) and still bullish on the one-week (though it can still be bullish until $40,000, so not a great indicator either).
Too many conflicting thoughts here. We’re still in the same trading range as before, and I don’t see much clarity right now. Macro environment seems good overall with elections plus rate cuts coming in plus less overall supply coming from [Mt.] Gox, Germany, etc.
But I honestly have no clue what happens in the short to medium term.”
Bitcoin is trading for $59,308 at time of writing, up slightly in the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3