Since 25th September, Popcat [POPCAT] has been met with resistance around the $1 mark, reminiscent of its July peak. However, on 3rd October, the bulls managed to break through this barrier decisively, signaling clear skies ahead for the digital asset.
Having recently reached a new all-time high of $1.22, POPCAT now finds itself in uncharted territory. The question on everyone’s mind is: can it push even higher?
Utilizing Fibonacci Extension Levels for Price Targets
For long-term investors looking to hold POPCAT for the next 6-8 months, sticking to the adage of “sell in May and go away” might prove beneficial, especially given the historical tendencies in the crypto market.
Traders eyeing the coming weeks will be keen on the Fibonacci extension levels for guidance. With the price already surpassing the 23.6% extension level at $1.18, the next milestones of $1.46 and $1.75 come into view.
While the On-Balance Volume (OBV) indicator has yet to breach a resistance level from July, indicating a presence of buying pressure without being overwhelming, the Moving Average Convergence Divergence (MACD) paints a picture of robust bullish momentum, supported by a crossover comfortably above zero.
Understanding Liquidation Levels for Strategic Trading Moves
The region of liquidity in the $1-$1.1 range has been effectively cleared by the token, leaving minimal overhead liquidation levels to act as explicit upside targets based on liquidation considerations.
Nevertheless, traders can monitor shorter timeframes for the aggregation of liquidation levels below the current price, particularly in scenarios where POPCAT experiences an excessive bullish surge. At present, a modest zone of liquidity between $1.1 and $1.3 could play a role in a potential reversal following a price decline.
Disclaimer: The opinions shared in this analysis are personal and do not constitute financial, investment, or trading advice.