- The POPCAT breakout occurred thanks to significant trading volume
- Fibonacci extension levels presented the following targets
Popcat will be available from September 25 [POPCAT] faced resistance near the July highs at the psychological $1 level. This level was convincingly exceeded on October 3. By doing this, the bulls have opened up clear skies 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 provide trading targets
Source: POPCAT/USDT on TradingView
Investors with a high time horizon may want to sit on their POPCAT bags for the next six to eight months. The ‘sell in May, walk away’ statement, which usually applies to cryptocurrencies, would apply to them.
The Fibonacci extension levels would be crucial for 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 has yet to break past the July resistance level – a sign that buying pressure is present, but not overwhelming. The MACD showed intense bullish momentum, with a crossover well above zero as well.
How traders can use liquidation levels to their advantage
The pocket of liquidity around $1-$1.1 has been wiped out and the token has also cleared this zone. The parsimony of overhead liquidation levels means there are no clear upside targets based on liq levels.
Realistic or not, here is the market cap of POPCAT in terms of BTC
However, traders can look at the lower timeframe heatmaps for a build-up of liq levels below price, especially if POPCAT prices bullishly move too high. At the time of writing, there was a small liquidity pocket of $1.1-$1.3 that could see a reversal in the event of a price drop.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer