MEW Hits Major Milestones

Cat in a dogs world registered a significant 18.4% surge in the last 24 hours, propelling to a new ATH twice this morning. The cryptocurrency recorded its fifth ATH in the past two weeks, increasing over 95.2% and taking the memecoin sector by storm.

After its surge to $0.01127, the cryptocurrency hit the long-awaited $1 billion mark, becoming the second cat-themed token to achieve this feat. As a result, MEW flipped Base Network’s token Brett as the tenth largest memecoin by this metric.

MEW initially joined the memecoin’s top ten list back in Q2, ranking 8th among the dog-themed pack. It significantly retraced as POPCAT’s popularity grew, registering a 60% correction after leading the cat-themed sector during Q1.

Nonetheless, the cryptocurrency has been on an uptrend for the past month after hovering between the $0.004-$0.006 price range during most of Q3. MEW’s rally this week seems to be fueled by the token’s listing on the Korean crypto exchange Upbit.

Market watcher Crypto General noted the memecoin’s recent performance, revealing its next target for MEW. The analyst highlighted that the cryptocurrency has been “in a consistent uptrend from its launch, showing great strength and potential.�/p>

Crypto General expects parabolic surges in the coming days, suggesting that the cryptocurrency will target the $0.045 range for its price discovery period. As of this writing, MEW traders at $0.0112, 1.1% below its ATH.

 Has The Cat Season Arrived?

Many crypto analysts have previously suggested that a cat-themed memecoin season was coming. Solana’s feline leader, POPCAT, recorded a new ATH on Thursday after hitting the $1.67 mark.

The memecoin has registered an 82% growth in the last thirty days, becoming the first cat-themed token to achieve the $1 Billion market cap milestone a month ago. Alongside MEW and POPCAT’s remarkable rally, other cat-inspired memecoins have seen a notable performance over the past week.

BNB Chain-based token Simon’s Cat (CAT) recorded a massive surge in the past week, nearing its all-time high price on Wednesday. CAT’s price skyrocketed 80.4% in the last three days following its Future Listing on the crypto exchange Binance.

The price jumped from the $0.0000245 level to the $0.0000442 mark, trading just 5% below its $0.0000462 ATH registered over a month ago. Despite being down 5.1% from yesterday’s surge, CAT still registers a 53% weekly increase.

Crypto Trader Bluntz stated that the “cat season is truly underway�as the whole sector soars over 8%, according to CoinGecko data.

In this article, we will analyze POPCAT’s recent surge beyond its all-time high and explore the possible implications for its future. We will examine key support and resistance levels and assess whether this breakout indicates sustained growth or a temporary spike.

Bullish Momentum Or Temporary Hype? Examining The Trend

On the 4-hour chart, POPCAT is maintaining its bullish momentum after successfully surpassing the $1.57 mark and trading above the 100-day Simple Moving Average (SMA). By holding its position above both this key level and the 100-day SMA, POPCAT showcases the resiliency and potential for further upward movement.

An analysis of the 4-hour Relative Strength Index (RSI) reveals a significant surge, rising to 71% from a previous low of 50%, implying a strong positive movement for POPCAT. While this increase reflects growing optimistic market sentiment, it also raises concerns about the sustainability of the rally as a price correction could be triggered if profit-taking occurs.

Furthermore, the daily chart indicates that POPCAT is trading above the 100-day SMA, a strong signal of upside movement. This push is marked by a reinforced bullish momentum, demonstrating large buying interest. The fact that meme coin is trading above the 100-day SMA suggests a solid trend and that the bulls are eager to push prices higher, possibly leading to a more upward trajectory if pressure continues to build.

Lastly, the RSI on the daily chart is currently positioned at 66%, significantly above the pivotal 50% threshold, which suggests a bullish trend for POPCAT. At 66%, the RSI also indicates that POPCAT’s upward pressure will likely persist, supporting the possibility of continued price gains in the near term as it has not yet reached the overbought territory.

Key Price Targets For POPCAT Next Move

As POPCAT maintains its bullish momentum, identifying key price targets for its next move becomes essential for traders and investors. Having surpassed the previous all-time high of $1.57, the immediate psychological level to monitor is the $2 mark. If the coin continues to climb, this level could serve as a critical point of interest for market participants.

On the downside, if a correction occurs, key support levels to watch are $1 and the 100-day Simple Moving Average (SMA), which could act as critical safety nets for bulls. A break below these levels may lead to further losses, potentially pushing the price toward $0.8062 and beyond.

Popcat Retest $1.4 Resistance Level

Memecoin sensation Popcat has been one of the best-performing cryptocurrencies over the past three months. Despite the market retraces, the token outperformed most cryptocurrencies, becoming the first cat-themed memecoin to achieve a $1 billion market capitalization.

In the last 30 days, Popcat has seen a 108% surge, hitting three new ATHs since breaking the $1 barrier. After reaching its latest ATH of $1.56 a week ago, the cryptocurrency has been on a 7-day downtrend.

The memecoin unsuccessfully attempted to break above the trendline earlier this week, facing a correction toward the $1.2 support level. Popcat bounced 16.6% from this zone on Thursday, propelling the token’s surge toward the $1.3 resistance level.

On the last day, the cryptocurrency retested the trendline twice after surpassing the $1.4 mark. A successful reclaim of this zone could propel the price toward a new ATH.

A market watcher considers that if Bitcoin’s price holds, Popcat should successfully break this level by next week. It’s worth noting that the cat-themed token followed BTC’s lead on Friday morning, surging 2.4% as the flagship cryptocurrency neared the $69,000 mark.

Is A Correction Looming?

Crypto analyst Sanchez noted that the memecoin’s price was “running flat�in the four-chart on Friday morning. To the analyst, the cat-themed token’s performance “looked good�for another leg up but suggested the possibility of another correction ahead of the breakout.

Ideally, we get a good reaction around ~1.29 to make the C more complete, and the cat starts popping again

A drop from the $1.3 mark could send Popcat’s price toward the $1.1-$1.0 mark. Trader Crypto Tony suggested that the cryptocurrency could see a retest of the monthly opening of around $1.01 in case of a rejection.

Despite the correction forecast, the memecoin has seen a 7% increase in the last 24 hours, trading 8.7% below its ATH. Popcat reclaimed the $1.3 mark and is attempting to confirm the breakout and regain the $1.4 resistance level.

Analyst CryptoGodJohn stated that the cryptocurrency “looks like it wants new ATHs and beyond this weekend�following its recent performance. Additionally, crypto trader Bluntz noted that Popcat’s price could achieve a 30% surge toward a new all-time high.

To Bluntz, a rise toward the $1.7 mark might be coming short-term after “getting real close to a biddable level�this week, but “would like to see one more sweep.�/p>

As of this writing, Popcat trades at $1.41, an 8.3% surge in the weekly timeframe.

Meme Coins Soaring But PELF Deployer Dumping

The lift-off in Solana has seen some of its ecosystem tokens massively benefit. Among the many, Solana-based meme coins continue to rip higher. According to Coingecko, three Solana meme coins, including Popcat and DogWifHat, now command a market cap above $1 billion.

While investors are closely tracking the performance of Popcat, the first cat-themed meme coin to break above the $1 billion level, some whales are fading the current bull run. One analyst, citing Nansen data, observes that the deployer of the PELF, a meme coin on Solana, is offloading.

Initially, the deployer received 247 million PELF for 82 SOL worth $12,516. Later, the addresses received another 39.13 million PELF. According to on-chain data, the address has sold 3.2 million PELF for 662 SOL.

Although analysts believe the deployer might have offloaded more tokens through other unknown addresses, the whale currently owns over $7.8 million worth of PELF at spot rates.

Usually, any liquidation by a whale is considered bearish and might significantly influence price action. Retail traders, some interested in meme coins, often closely monitor the accounts of known whales, including deployers. If they choose to sell, moving tokens to a DEX, speculators will also look to sell before prices tank.

Will Improving Crypto Sentiment Drive Demand?

PELF remains in an uptrend, judging by the formation in the daily chart. The token is up nearly 300% from September lows. However, PELF is inside a broader range and down from its March 2024 highs.

If buyers are to take charge, there must be a confirmation of October 14 gains. In that case, PELF could break above $0.0008101, bottoming out from Q3 2024 lows.

Improving crypto sentiment could lift meme coins, driving them to new valuations. As of October 15, the total market cap of Solana meme coins exceeds $10.9 billion.

Interestingly, they continue to grow in strength, looking at the number of Solana meme coins breaking into the top 10. According to Coingecko, Dogecoin is still the most valuable. However, DogWifHat, Bonk, and Popcat are now among the top 10, flipping Floki, Neiro on Ethereum and Brett.

Celestia Leads The Crypto Market

TIA, the native token of modular blockchain Celestia, has seen a 7.3% surge in the past week. The cryptocurrency recovered from the October 3 lows, moving from the $4.5 support level to trade above the $5 mark this Friday.

Celestia has been on a downtrend since hitting its March all-time high (ATH), suffering a brutal 80% correction from $20 to $4 in the past six months. September’s retrace dragged TIA below the $4 mark, registering its lowest price since early November 2023.

However, the token’s Q3 retraces didn’t alarm many investors who considered Celestia’s on-chain developments a potential bullish sign. Since then, the cryptocurrency has seen a 40.1% monthly increase, fueling the bullish sentiment among the community.

Today, TIA registered eight hourly consecutive green candles, propelling the price 14% from the $4.9 zone to the $5.6 resistance level before retracing to the $5.5 mark. Throughout the morning, the token has hovered between $5.50-$5.55, recording a 16.3% surge in the past 24 hours.

This performance crowned Celestia as the largest gainer among the top 100 cryptocurrencies by market capitalization, only followed by Worldcoin (WLD), Dogwifhat (WIF), and Popcat (POPCAT).

Is A Big Move Coming For TIA?

Several market watchers note Celetia’s performance, suggesting that the cryptocurrency’s chart hints a breakout may be around the corner. To crypto analyst Yuriy, TIA’s performance indicates a “big move is coming,�remarking that its open interest (OI) significantly increased in the past month.

Meanwhile, crypto analyst Poseidon noted TIA’s 80% correction, asserting that we might be near the end of the “brutal downside trend.�To the analyst, the price’s 4-month range between $4-$7 looks like a potential bottom, which could signify the ongoing bullish momentum will continue.

However, Poseidon asserted that TIA must reclaim the 50-day and 200-day exponential moving average (EMA) to call the trend shift. Similarly, crypto trader Bluntz previously suggested that the cryptocurrency had bottomed, displaying an inverted head and shoulders pattern after the weekly recovery.

Youtuber Crypto Jack noted that Celestia’s bounce from the $4.5 support zone targets the upper trendline of its 4-month consolidation range. To the analyst, the bullish momentum could send TIA above the $7 resistance level this month.

Other analysts called it one of “the most tempting altcoins to buy,�setting targets above $10 for Celestia. Nonetheless, some noted that the upcoming token unlocks, set to start on October 30, could negatively impact TIA’s price.

Whale Activity Generates Interest

Popcat has recently gained attention due to major purchases made by whales. One investor made news by purchasing 2.36 million tokens for approximately $1.75 million, at an average price of $0.68. This investor had previously liquidated their shares but chose to re-enter the market with a large purchase. Another whale has gone on a purchasing binge, collecting 5.67 million tokens worth almost $3 million in just three days.

These trades have resulted in a remarkable 25% increase in Popcat’s daily trading volume, which is now $151 million. As these whales stock up on POPCAT, the token has risen 20%, reaching approximately $0.067 earlier today. Popcat is now one of the top gainers among memecoins, fueling investor optimism.

Positive Outlook And Market Sentiment

According to CoinCodex, Popcat’s current price projection indicates a potential 220% increase, with a rise to roughly $4.26 by November 7, 2024. Technical indications point to a bullish market attitude, but the Fear & Greed Index is at 49, indicating a neutral investor stance. Popcat has performed well on 20 of the last 30 days, resulting in a strong 67% success rate.

The considerable price volatility of 23%, in conjunction with the persistent upward trend, suggests that investors are in an opportunistic trading environment. The current market atmosphere and Popcat’s exceptional past performance make it a favorable time to contemplate purchasing, according to market analysts.

The future of Popcat looks good, although experts advise to tread carefully as the token is very volatile. The price movements are fast, and among the very important supports set around the levels of $0.50 and $0.40-0.45; a bounce from those levels could be an indication that the bullish momentum is still intact.

Many believe Popcat is well-positioned for growth despite some risks, given its leadership role in the current “Cat Season,” the colloquialism for growing popularity in cat-themed cryptocurrencies. The meme coin also has exhibited a solid 6-month result with an increase of 17% in the given timeframe.

This still sounds rather optimistic when talking about Popcat, given the whale activity and positive predictions. The investor needs to be watchful of market volatility here. Therefore, entry points have to be carefully assessed and a balanced approach has to be maintained. Any investment in the cryptocurrency space, especially memecoins, like Popcat, does call for tempering enthusiasm with prudence and serious research before any commitment is made.

Featured image from Vecteezy, chart from TradingView

Some experts weighed in on the market’s performance over the last year, discussing what made meme-based tokens the cycle’s top-leading narrative, and what could be next for the industry.

The Value Of Solana ‘Interjective Culture Coins�/h2>

Qiao Wang, co-founder of Alliance DAO, shared his thoughts on the market dynamics that led to each cycle’s top narrative. In the X post, he noted how there’s “an opportunity for retail to outperform professionals�every cycle.

The alpha is for retail to get involved at a time when there’s too much career risk for professionals to get involved.

Retail investors outperformed professionals during the first cycle with “simplyâ€?Bitcoin, Wang explained. In the second cycle, investors took advantage of Ethereum’s narrative, while Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) became the leading retail opportunities during the third one.

Solana and the “intersubjective culture coins,�as Wang called memecoins, have dominated the ongoing cycle. The meme-based tokens�popularity has often been criticized for a lack of utility and “substance,�frequently resulting in a “quick buck�for their creators and a few early buyers.

Nonetheless, Wang seemingly suggests that these tokens�value relies on the shared culture behind them, an argument that experts and industry figures have discussed before.

As reported by NewsBTC, crypto traders Ansem and Kel debated the value of memecoins in the Unchained podcast. In the interview, the traders explained there’s value in memes and culture on the internet, which makes a comparison with other altcoins “pointless.�/p>

They added that the crypto community is “very internet-centered�as its members understand the financial aspect and are very knowledgeable about online culture. As such, crypto investors realized there’s an opportunity to “financialize�meme virality in the industry.

Additionally, they pointed out that the “shared experience of relating�is another crucial factor driving the craze of meme-based tokens, as seen with the communities of Solana-based memecoins like dogwifhat (WIF) and Popcat (POPCAT).

Memecoins ‘Absorbed’ The Market’s Energy

On Sunday, Chris Burniske, the co-founder of Placeholder, also took X to weigh in on the memecoins frenzy. To him, “Memecoins�tendency to trigger is all you need to observe to know they’ll be bigger than we expect in the expansion ahead.�/p>

In the post, Burniske revealed that he considers the “trend is clear�as the cultural relevance NFT collections had in 2021 will be surpassed by some of the memecoin sensations of this cycle.

It is worth noting that, on October 7, the total market capitalization of Solana memecoins surpassed $10 billion, as SolanaFloor reported.

Solana co-founder Anatoly Yakovenko replied to Burniske, sharing his theory for why memecoins became the leading narrative. Yakovenko considers that the previous cycles “were also 90% memes and 10% products.�/p>

However, he suggests that today, the sector has monopolized the energy that propelled different narratives during other cycles: “My theory is that memecoins today have completely absorbed the meme energy that drove other cycles, like DeFi summer,�Solana’s co-founder noted.

Based on it, Yakovenko believes that products must “make it purely on value�now, which could be a positive thing for the broader industry.

As of this writing, Solana (SOL) is trading at $151, a 4% surge in the last 24 hours.

In this technical breakdown, we will analyze the recent surge of POPCAT past its previous all-time high of $1.0094, focusing on the technical indicators and market conditions that have contributed to this breakout. By examining key support and resistance levels, as well as the potential for a continued bullish trajectory, we will assess the implications of this price action for traders and investors. 

Additionally, the article will explore potential scenarios for POPCAT’s price movement, providing insights into what to expect in the coming days and how market sentiment may influence future trends.

Analyzing Technical Indicators After New Peak

On the 4-hour chart, POPCAT has demonstrated impressive bullish momentum, breaking above both the 100-day Simple Moving Average (SMA) and its previous all-time high of $1.0094. Reaching a new all-time high marks a critical milestone for the meme coin, as it validates the positive trend and opens the door for potential new highs.

An analysis of the 4-hour Relative Strength Index (RSI) reveals a renewed upward potential, as the RSI has climbed back to 68% after dipping to 45%. This upward shift indicates increasing buying pressure. If the RSI continues on this trajectory, it could signal more upside movements for POPCAT, paving the way for new highs, and reinforcing the bullish trend.

Furthermore, the meme coin has fully positioned itself above the daily 100-day SMA, indicating a strong positive pressure after surpassing its all-time high of $1.0094. As the price breaks through previous resistance levels, it attracts more buyers, enhancing the likelihood of a sustained uptick and fortifying the overall optimistic outlook for POPCAT in the near term.

Also, the RSI on the daily chart is currently at 74%, having previously dropped to 59%. An elevated RSI level implies that POPCAT is in overbought territory, reflecting strong buying pressure and heightened enthusiasm in the market. While such high readings may signal potential exhaustion in upbeat momentum, the lack of immediate indications for a pullback shows that bullish sentiment remains strong.

Support And Resistance Levels: Navigating The New Terrain For POPCAT

Support Levels: The immediate support level to watch is the $1.0094 mark, which may act as a psychological level for buyers. Should it fall below this range, the next significant support could be found around the $0.80 mark, serving as a strong base for possible rebounds.

Resistance Levels: On the upside, the next resistance level can be anticipated at around $1.5, where sellers may emerge to take profits. If POPCAT manages to breach this level, it could lay the foundation for further gains, potentially targeting $2 and beyond.

The expansion of meme coin prices has also been a boom to DogWifHat (WIF). Solana’s largest meme coin by market cap is up 14% on the last day, pushing weekly gains to over 31%. At the current valuation, WIF is the fourth most valuable coin, trailing Dogecoin, Shiba Inu, and Pepe.

DogWifHat Whale Accumulating, Meme Coin Soaring

Lookonchain data reveals that a meme coin whale accumulates as WIF prices tick higher. Tracking the address’ movements, the largest WIF holder, data shows, appears to be steadily accumulating.  

By buying as prices begin to recover from their August and September lows, the move is an endorsement of the meme coin’s potential in the coming months.

On September 26, the whale borrowed 2 million USDC and bought 894,854 WIF at $2.24. Adding to his stash, the address now controls over 32 million WIF. This holding, Lookonchain analysts estimate, pushes the whale’s profits to over $86 million.

However, the whale’s borrowing of USDC and purchase of WIF is not the first time. Mid this week, the same address borrowed 4.5 million USDC from Kamino and bought 2.55M WIF at $1.76.

Looking at this trend, it is evident that the whale expects prices to continue printing higher highs. The daily chart shows that the meme coin is picking up steam.

After sinking to March 2024 lows, the meme coin has recovered, doubling to spot rates. If WIF prices soar above $2.8 and July highs, there could be more room for growth.

Ultimately, the medium-term target would be $4.8, a level last printed in March. However, for this to happen, WIF prices must more than double from spot rates.

Will WIF Follow Popcat And Register Fresh Highs?

The likelihood of WIF printing new all-time highs in the coming weeks or months cannot be discounted. Popcat, another meme coin on Solana, recently broke higher, registering new all-time highs above $1. At spot rates, the token is up nearly 120% in Q3 2024, attracting interest from whales.

After exiting for a loss, losing $611,000, Lookonchain data shows that the whale re-entered the Popcat market, spending $1.29 million worth of SOL to buy 1.3 million POPCAT at around $1. From the daily chart, a close above $1 will be crucial in sustaining the upside momentum.

The feline sensation has now consolidated as the first cat-themed memecoin to hit a $1 billion market capitalization, leading the market’s bullish run alongside tokens like Sei (SEI) and Worldcoin (WLD).

POPCAT Hits $1 Billion Market Cap Status

Memecoins became the leading sector during this cycle, with many tokens outperforming most altcoins over the last few months. At the front of the frenzy, dog-themed tokens like dogwifhat (WIF) stole the spotlight during Q1 and Q2. However, a feline rival is challenging its spot as Solana’s best-performing memecoin.

Investors and market watchers have praised the cat-themed sensation’s performance over the past few months. Throughout Q3’s violent market retraces, POPCAT showed a remarkable performance, becoming the largest gainer among the top 100 cryptocurrencies several times.

The memecoin’s price quickly bounced from its 55% pullbacks during the market crashes, recovering and surpassing its previous level each time. POPCAT’s price has seen a 117% surge in the past three months, driving its price from the $0.68 mark to a new all-time high (ATH).

In the late hours of Tuesday, the cryptocurrency broke above the $0.97 resistance level set by its previous ATH. The memecoin continued its 21% jump towards the $1.08 level, its new ATH, before retracing to the $1.01-$1.02 price range.

The surge propelled POPCAT’s market capitalization to the $1 billion mark, cementing its status as the leading cat-themed token and making it the first memecoin in this sector to achieve it.

Following its remarkable rise, the token registers a 57.8% and 40.2% surge in the weekly and monthly timeframes. Its daily market activity also saw an 82% jump to a trading daily volume of $133.3 million in the last 24 hours.

Investors See Further Price Potential

Some crypto whales loaded their bags as POPCAT broke the $1 barrier. On Wednesday morning, on-chain data analytics firm Lookonchain revealed that a crypto investor recently repurchased the cat-themed sensation, suggesting that some investors feel positive about the token’s future performance.

Per the post, the whale spent 8,644 SOL, worth around $1.29 million, to buy 1.3 million POPCAT over the past two days. The address bought 456,000 tokens on Monday before acquiring another 843,000 POPCAT when the memecoin hit $1.

This whale had previously sold its POPCAT holding at a 45% loss over two months ago. The investor saw $611,000 in losses from selling its 1.69 million tokens.

However, before the long-awaited surge to $1, crypto investor Trade4ddict noted that the POPCAT’s consolidation under the key resistance level was a strong sign for its potential bull continuation.

The trader considers that after “blowing off�the $1 resistance, the memecoin has “good chances�of pumping toward the $2 target. He also suggested that the previous high at $0.8 should offer some support before a potential correction.

As of this writing, the memecoin continues to hold the $1 support level, exchanging hands for $1.01.