Crypto Expert Sees Further Upside for This Memecoin Despite Massive Gains

Popular crypto analyst Altcoin Sherpa is optimistic about the future of a trending memecoin, despite its already substantial gains this year.

Sherpa suggests that Popcat (POPCAT), a meme token based on the Solana (SOL) blockchain, might continue its upward trajectory after recently bouncing from a key support level around $0.64.

$POPCAT still looks pretty strong for now, great S/R retest. If it guns for the highs again, this will be the leading category for memes and also CAT beta pic.twitter.com/JWv8xxuuBV

— Altcoin Sherpa (@AltcoinSherpa) August 29, 2024

He noted, “POPCAT still appears strong right now with a solid support/resistance retest. If it targets new highs, it could lead the memecoin market and also show promise in the CAT beta category.”

Currently, Popcat is priced at $0.59, representing an impressive increase of over 15,000% from its January low of $0.00379.

Looking ahead, Sherpa mentions that while the overall macro environment may be favorable for Bitcoin (BTC), the leading cryptocurrency is currently showing mixed signals in the short term.

I don’t know where $BTC is at. It’s bearish on the 1d, bearish on the 200d EMA (though right at it so no real strong signal there) and still bullish on the 1W (though it can still be bullish until 40k, so not a great indicator either). Too many conflicting thoughts here. We’re… pic.twitter.com/9wbWZDgTZp

— Altcoin Sherpa (@AltcoinSherpa) August 30, 2024