POPCAT eyes $1, but it’s next move depends on Bitcoin – Why?

• POPCAT recently surged more than 2%, approaching the $0.70 mark. 
• If bulls can maintain this support, a new ATH could be on the horizon.

Solana [SOL]-based memecoin POPCAT is at a critical $0.70 support, with the upcoming Kraken listing expected to excite stakeholders. 

However, with broader market volatility driven by Bitcoin’s downward swing, can POPCAT stay afloat and pivot to $1?

Holders showed faith

Despite a bearish start to September, holders have maintained confidence in POPCAT’s long-term prospects. In just over three months, the wallet count has increased by approximately 30%, reaching 68,651 at press time. 

Additionally, POPCAT has surged to become the third largest memecoin on Solana by market cap.

Source: Dune

Notably, despite these bullish parameters, POPCAT tracked Bitcoin’s late August drop into early September, failing to breach the $0.75 resistance and quickly falling back to $0.40 within just two weeks.

In essence, even robust holder confidence couldn’t shield the memecoin from the broader volatility impacting Bitcoin.

Now, as POPCAT approaches the $0.70 price range, coinciding with BTC’s struggle to hold the $60K ceiling, will historical patterns resurface, or will bulls drive POPCAT to new heights?

Increased momentum is needed for the surge

On the daily price chart, bulls have pushed POPCAT above $0.70.

If the trend holds, the added optimism from Kraken’s listing, coupled with a potential Fed rate cut, could pave the way for the memecoin to surpass its previous ATH.

Source: Coinalayze

That said, reaching $1 won’t be immediate; several key indicators must align. The RSI is currently above the neutral zone but needs a bullish push to reach overbought territory, signaling strong buying activity. 

Additionally, OI remains below its mid-July peak when POPCAT hit its ATH, reflecting lower activity from futures traders, while the CMF has remained unchanged.

While these indicators do not suggest an outright bearish outlook, a swift increase in momentum will be necessary for a surge to $1. 

Therefore, maintaining the $0.70 support is crucial – What are the odds?

Weakening sentiment might diminish POPCAT recovery

Given that memecoins are community-driven, evaluating their social performance is key. 

Surprisingly, POPCAT’s Weighted Sentiment has turned negative over the past three days, while there was a minor surge in the volume.

Source: Santiment

In fact, the sentiment shifted on the same day BTC bears halted the bullish surge above $60K, indicating that BTC’s influence on the meme token is notably strong. 

Consequently, the chance of hitting $1 heavily depends on BTC’s performance.

Read POPCAT Price Prediction 2024-25

In short, if bulls can maintain the $0.70 support with increased momentum, upcoming events might propel POPCAT to a new ATH. 

Conversely, if BTC bears prevail, the memecoin’s surge potential will also wane.