A widely respected cryptocurrency analyst and trader is bullish on the memecoin built on the Solana (SOL) ecosystem.
The analyst, who goes by the pseudonym Bluntz, told his 286,900 followers on social media platform
Bluntz said Popcat has remained “incredibly strong” even amid the cryptocurrency market correction over the past few days.
“Strength during market-wide declines typically translates into undeniable outperformance during market-wide strength periods.”
Bluntz appears to be suggesting that Popcat could surge above $2.30 in a five-wave pattern, according to a 4-hour chart prepared by an anonymous analyst who regularly applies Elliott Wave theory to technical analysis. Elliott Wave Theory states that major trends in asset prices move in a five-wave pattern, while corrections occur in a three-wave pattern.
The anonymous analyst also says Popcat, which previously hit an all-time high of about $1.67, has broken out of its rising channel on the daily time frame.
“For the first time, we saw a channel hit an all-time high, which usually happens at the bottom.”
Popcat is trading at $1.58 at the time of this writing, up about 40,415% from its all-time low of $0.00379 reached in early January.
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