Since 25 September, the price of Popcat [POPCAT] has been testing the $1 mark, a level that acted as resistance back in July. Finally, on 3 October, this resistance was convincingly broken, paving the way for further upside potential.
Recently, the memecoin reached a new all-time high of $1.22, marking an important milestone for investors. But what can we expect next for POPCAT?
Exploring Trading Targets with Fibonacci Extension Levels
For investors with a long-term perspective, holding on to their POPCAT holdings for the next 6-8 months could be a strategic move. Adhering to the adage “sell in May and go away,” which often applies to the crypto market, might be prudent for this group.
Traders will be closely monitoring the Fibonacci extension levels in the coming weeks. With the price already surpassing the 23.6% extension level at $1.18, the next milestones to watch for are $1.46 and $1.75.
While the OBV is yet to surpass a key resistance level from July, indicating underlying buying pressure, the MACD is showing strong bullish momentum, signaling a positive market sentiment.
leveraging Liquidation Levels for Trading Strategies
Following the successful clearing of the liquidity zone around $1-$1.1, POPCAT has demonstrated strength in overcoming key levels. Given the lack of prominent upward liquidation targets, traders must be vigilant for potential liquidation levels forming below the current price.
For instance, on lower timeframes, monitoring liquidity pockets between $1.1 and $1.3 could provide insights into possible reversals in case of price corrections.
Disclaimer: Please note that the information shared is the author’s opinion and should not be construed as financial, investment, or trading advice.