Renowned cryptocurrency analyst Altcoin Sherpa believes that despite its astronomical gains so far this year, one popular meme coin has room to rise further.
The anonymous trader told his 221,900 followers on social media platform X that POPCAT, a Solana (SOL)-based meme token, could sustain its bullish momentum after bouncing off a key level around $0.64.
“POPCAT still looks pretty strong right now and is a great S/R (support/resistance) retest. If it breaks back towards the highs, this will be a leading category for memes and CAT betas.”
As of this writing, Popcat is trading at $0.59, up over 15,000% since its low of $0.00379 in January.
The analyst went on to say that while macroeconomic conditions could be bullish for Bitcoin (BTC), the king of cryptocurrencies appears to be sending mixed signals in the short term.
“I don’t know where BTC is. The 1st is bearish, the 200-day EMA is bearish (not really a strong signal since it’s right there), and the 1st is still bullish (not a good indicator either since it could still be bullish up to $40,000).
There are too many conflicting ideas here. We are still in the same trading range as before, and there is not much clarity right now. The macro environment is looking good overall, there is an election, a rate cut, and overall supply is decreasing from (Mt.) Gox, Germany, etc.
But honestly, I have no idea what will happen in the short and medium term.”
At the time of writing, Bitcoin is trading at $59,308, up slightly over the last 24 hours.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
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