- POPCAT is well-positioned to eclipse BONK on the top meme chart.
- Several key factors bolster this hypothesis.
Popcat [POPCAT], the Solana-based memecoin, is on a roll, experiencing a significant double-digit surge this week as it closes in on BONK.
Consequently, analysts are buzzing with predictions that POPCAT could surpass BONK by the end of Q4, thanks to the ongoing market cycle that has propelled numerous memecoins into the spotlight.
Furthermore, the anticipation of a Binance listing could be the key catalyst for this shift, prompting POPCAT toward a 1:1 ratio with WIF before WIF embarks on its next parabolic ascent.
Why is $2 key for POPCAT
BONK, the fifth-largest memecoin, has seen its market cap decline by over 2%. In contrast, POPCAT is closing the gap, currently holding a market cap of $1.4 billion after a notable 4% rise.
If this trend continues over the next 60 days, POPCAT could approach $2, positioning it ahead of BONK in market cap.
Interestingly, while BONK started October on a bearish note with higher lows, POPCAT has significantly outperformed this trend, recording daily gains exceeding 10% and challenging its previous ATH.
This clearly shows how POPCAT is emerging as a formidable rival to dog-themed coins, whose dominance has waned since Solana memecoins entered the arena.
Source : Coinalyze
As mentioned earlier, $2 is a crucial resistance level for POPCAT to reach. While current market stats demonstrate strong potential, several key conditions must align for this target.
A bullish MACD crossover hints at increased activity in the coming days, often signaling a market bottom.
However, despite this bullish sign, trading volume in the last 24 hours has declined by over 30%. Clearly, bearish sentiment in the market, led by BTC’s downward swing, has raised alarms among traders.
Additionally, an RSI nearing overbought territory could exacerbate the situation, showing signs of overheating. With POPCAT recently reaching an ATH of $1.48, a common strategy for traders would be to consider exiting the cycle, particularly as BTC dips below $63K.
As a result, POPCAT may be set for a short-term price correction before targeting $2. Per AMBCrypto, a retracement to $1.42 could be a healthy sign, allowing weak hands to exit and creating opportunities for new buyers to step in.
Spot traders are targeting the dip
The cat-themed memecoin surged nearly 30% following the listing of its perpetual contract on Binance, further building on the double-digit gains it recorded after its mid-September listing on Kraken.
Certainly, anticipation surrounding a potential spot listing on Binance is likely to create substantial buzz on social media – a key indicator of price movements, particularly for memecoins.
Source : Coinglass
As a result, spot traders already eye the current price as an ideal “dip,” expecting it to yield 10x gains in the future.
While a retracement may be inevitable given the current market conditions, the influx of traders entering an accumulation phase signals a bullish trend and keeps the $2 target well within reach.
Overall, POPCAT appears poised to surpass BONK as the fifth-largest memecoin on the charts.
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Several factors support this hypothesis, including consistent daily gains, resistance levels flipping into support, bulls demonstrating resilience during market downturns, and key developments enticing traders for potential high returns.
This confluence of factors suggests that POPCAT could indeed reach $2 and eclipse BONK before the end of the Q4 cycle.
