Investors with a high time horizon might want to sit on their POPCAT bags.
- POPCAT’s breakout occurred on the back of appreciable trading volume Fibonacci extension levels presented the next targets
From 25 September, Popcat [POPCAT] faced resistance close to its July highs at the $1 psychological level. It breached this level convincingly on 3 October. In doing so, the bulls have opened up clear air above them.
The memecoin set a new all-time high at $1.22, and further gains would be in ATH territory. What are the next price targets for POPCAT?
Fibonacci extension levels give trading targets
Source: POPCAT/USDT on TradingView
Investors with a high time horizon might want to sit on their POPCAT bags for the next 6-8 months. The “sell in May, walk away” statement, which generally holds for crypto, would apply to them.
The Fibonacci extension levels would be key for the traders in the coming weeks. The price was already above the 23.6% extension level at $1.18. The next targets are $1.46 and $1.75.
The OBV is yet to break past a July resistance level – A sign that buying pressure is present, but not overwhelming. The MACD showed intense bullish momentum, with a crossover far above zero too.
How traders can use liquidation levels to their advantage
Source: Coinglass
The pocket of liquidity around $1-$1.1 has been swept and the token has cleared this zone too. The sparsity of overhead liquidation levels means no obvious upside targets based on the liq levels.
Realistic or not, here’s POPCAT’s market cap in BTC’s terms
However, traders can watch the lower timeframe heatmaps for a build-up of liq levels beneath the price, especially if POPCAT prices overextend bullishly. At press time, there was a slight pocket of liquidity at $1.1-$1.3 that could see a reversal in case of a price dip.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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