POPCAT has achieved a remarkable milestone by surging past its all-time high of $1.0094, igniting excitement among traders and investors alike. This breakout signals a powerful bullish momentum, prompting a re-evaluation of the asset’s potential for further gains. As the market reacts to this significant price movement, understanding the underlying technical factors and market dynamics is crucial for forecasting future price action. 

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.

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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.

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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.

Featured image from YouTube, chart from Tradingview.com

Vitalik Buterin’s associated Ethereum wallet conducted a large transaction today, divesting a range of meme coins and Tether’s USDT for ETH.

Blockchain data reveals that developers sent these unsolicited meme tokens to Buterin’s wallet throughout the past year.

Why Did Buterin Offload Over $300,000 in Meme Coins?

On October 5, Buterin sold four different tokens, netting 140.67 ETH, worth approximately $341,000. Blockchain analysis platform Lookonchain reported that Buterin sold 11.76 billion Moodeng tokens for 21 ETH (around $51,000) and 70.72 million Neiro for $72,400.

The other assets he sold included 7.8 million Degen for 25 ETH (around $61,000) and 16 billion Kabosu tokens for 22.94 ETH (approximately $56,000). Additionally, Buterin converted his entire USDT balance of 101,000 USDT into 41.69 ETH.

After these sales, another crypto analytical platform, SpotOnChain, noted that Buterin sent 100 ETH (approximately $242,000) to the “Free Alexey & Roman” campaign. This initiative supports the legal defense of Tornado Cash developers Alexey Pertsev and Roman Storm.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

It is unclear if the donated funds came from his recent token sales or from other sources. Nevertheless, the move aligns with Buterin’s ongoing practice of converting meme coin holdings into charitable contributions.

Earlier this year, he sold a vast amount of animal meme tokens that were sent to him and donated $532,000 worth of ETH to the Animal Welfare Fund under the Effective Altruism initiative.

Interestingly, one of the tokens the Ethereum co-founder sold recently requested that he donate the proceeds to the same cause.

“Hey, Vitalik Buterin — can we ask you for a favor? We know what you did for NEIRO when you sold. Now that you sold your ITO, could you make the same donation to the Animal Welfare Fund on behalf of ITO?,” ITO wrote on X.

Meanwhile, the Ethereum co-founder has publicly stated his disapproval of receiving unsolicited tokens. While he appreciates contributing to charitable causes, he prefers that meme coin creators allocate tokens directly to charities.

Read more: Who Is Vitalik Buterin? An In-Depth Look at Ethereum’s Co-Founder

Buterin also addressed this issue in a blog post, encouraging the crypto community to design meme coins with practical uses, such as charity fundraising, rather than as speculative assets.

Heading into October and Q4, the markets have already begun recovering, bringing gains to many crypto assets, with some altcoins even establishing new all-time highs.

BeInCrypto has analyzed the top three best-performing altcoins of the last seven days, which include Solana meme coin POPCAT, which formed a new ATH this week.

FTX Token (FTT)

FTX’s native token, FTT, surprised the market by outperforming every major altcoin in the top 100 cryptocurrencies. FTT surged by 95% over the week and is currently trading at $2.72. This dramatic rise has caught the attention of both traders and investors alike.

The rally was primarily driven by rumors surrounding the beginning of repayment to creditors. With the hearing for the distribution plan scheduled for October 7, the bullish sentiment is expected to continue, potentially fueling further price increase.

Read more: 5 Best Crypto Payment Gateways Every Business Should Know

If the momentum holds, FTT could rise to $2.98. However, the token could see a drawdown to $2.54 or even $2.20 if it wanes, making investors cautious of potential risks.

Popcat (POPCAT)

POPCAT price reached a new all-time high this week, soaring by 31% in the last 24 hours. This Solana-based meme coin broke through the $1.00 resistance, setting a new ATH at $1.29 after struggling to breach that level throughout the week.

The catalyst for this sudden rally remains unclear, but if POPCAT holders avoid selling, the coin could continue its upward trajectory. This could result in the formation of a new ATH, further boosting market sentiment.

However, if profit-taking ensues, it may halt the bullish momentum. A drop to $1.00 could follow, and losing this key support level would invalidate the current bullish outlook.

Wormhole (W)

Wormhole’s price may not have seen explosive gains like other tokens, but it still impressed with a 14.8% rise. Currently trading at $0.34, the altcoin has gained the attention of its investors.

Wormhole nearly reached an intra-week high of $0.42 but fell back under the $0.35 resistance. This barrier has been intact since mid-July, and breaching it could lead to a further rise toward the $0.42 mark.

Read more: 10 Best Altcoin Exchanges In 2024

Testing $0.42 as resistance would set a near four-month high. However, if Wormhole fails to break $0.35, it may remain in consolidation between $0.28 and $0.35, invalidating the bullish outlook.