Widely followed crypto analyst Altcoin Sherpa believes that one red-hot memecoin has more room to rise to the upside despite astronomical gains so far this year.
The pseudonymous trader tells According to its 221,900 followers on social media platform
“POPCAT still looks pretty strong for now, great S/N retest (support/resistance). If it goes back to the highs, this will be the leading category for memes and also for CAT beta.
Popcat is trading at $0.59 at the time of writing, up more than 15,000% since its low of $0.00379 in January.
Then the analyst say that while macro conditions may be bullish for Bitcoin (BTC), the crypto king appears to be sending mixed signals in the short term.
“I don’t know where BTC is. It’s bearish on a day, bearish on the 200-day exponential moving average (although right there, so no real strong signal there) and still bullish on a week (although it could still be bullish up to $40,000, so not a big deal either good indicator).
Too many conflicting thoughts here. We are still in the same trading range as before, and I don’t see much clarity at this point. The macro environment seems generally good, with elections plus interest rate cuts and less supply [Mt.] Gox, Germany, etc.
But I honestly have no idea what will happen in the short to medium term.”
Bitcoin is trading at $59,308 at the time of writing, up slightly in the past 24 hours.
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