Cat-based meme coins have been taking the meme coin category by storm over the past few months. Will the increasing adoption of these meme coins lead to a new craze in the coming period? Moreover, is it the right time to accumulate some tokens or is it too late? Investors are looking for answers to these questions. An analyst with a large following is bullish on a Solana-based meme coin. The interesting thing is that this meme coin has already multiplied about 400 times.
Bluntz expects much more from POPCAT!
As you have followed from Kriptokoin.com, cat-themed meme coins have recently been on the agenda of the market. The market’s interest has shifted from dog tokens to cat tokens. Thus, some cat tokens have experienced extraordinary increases. However, some analysts suggest that there is more to come. The popular analyst nicknamed Bluntz says that one of them, Popcat (POPCAT), is ‘about to go parabolic’. The analyst notes that Popcat has remained ‘insanely strong’ in the middle of a correction in the crypto market over the past few days. In this context, the analyst makes the following statement for the meme coin:
Strength during market-wide pullbacks often translates into undeniable outperformance during market-wide strength.
The analyst regularly applies Elliott Wave theory in his technical analyses. According to his four-hour chart, Bluntz suggests that Popcat will break above $2.30 in a five-wave pattern. The Elliott Wave theory says that the main trend of an asset’s price moves in a five-wave pattern. It also states that the correction occurs in a three-wave pattern.
The analyst says that the technicals for meme coin are positive!
The analyst also says that Popcat , which previously reached an all-time high of about $ 1.67, exited an ascending channel on the daily timeframe. Accordingly, the analyst says, ‘This is the first time I’ve seen a channel hit an all-time high. They’re usually at the bottom.’
Meanwhile, Popcat hit an all-time low of $0.00379 in early January. However, the meme coin surged nearly 40,000 per cent from there, reaching $1.48, where it now trades. At the time of writing, the token was on its way with a loss of 3.8% on a daily basis. However, it advanced about 11% on its weekly chart. The opinions and forecasts in the article are those of the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing. We also remind you that meme coins are highly speculative and risky.
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