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Robinhood officially initiated trading support for PENGU ($PENGU), PNUT ($PNUT), and POPCAT ($POPCAT) cryptocurrencies.
The newly listed token Popcat ($POPCAT) achieved one of its most significant price pumps recently after its addition to Robinhood, increasing more than 20%.
Popcat Reacts with a 20% Price Surge
Amid the listing announcement, Popcat’s price went up to $0.1937 intraday.
According to CoinMarketCap data, Popcat achieved over a 175% surge in its 24-hour trading activity, which exceeded $180 million.
After listing, the market capitalization rose sharply above $168.53 million. This can be attributed to investors participating heavily in this new trading opportunity.
The sudden price surge can be explained by the rise in retail investor demand using Robinhood, which provides trading features to its vast user base worldwide.
The Robinhood listing will tend to produce matching price fluctuations, which previously occurred with meme coins and altcoins.
Analysts mention the 0.16 area as a crucial support level. If the price stays above this point, it might experience a short-term bounce.
The chart shows a descending pattern with the price attempting a recovery. This forecasts an upward trajectory.
This setup typically suggests a potential reversal or a pause in the downtrend.
However, this depends on maintaining support at 0.16. Should it break below this threshold, the analyst predicts a sharp decline.
He concludes that this could lead to either a recovery or further declines for Popcat.
Technical Analysis: Popcat Breaks Out of Downtrend
A technical assessment of Popcat’s price on a 4-hour scale shows a major breakout from its declining channel.
Popcat experienced an ongoing bearish market momentum as it displayed a succession of downward price movements.
The token demonstrates robust price momentum as it draws near to an essential resistance area, which appears in red.
The token gains additional potential if it moves upward above this resistance area.
Technical assessment of the Popcat price at the 4-hour scale shows a significant breakout from its declining channel, quite visible in pink.
The crypto asset Popcat experienced ongoing bearish market momentum because it displayed a succession of downward price movements.
The token demonstrates robust price momentum because it draws near an essential resistance area.
The token gains additional potential if it moves upward above this resistance area.
The optimistic view for Popcat is expected to continue in the short term.
However, market participants must track critical resistance zones to watch for selling opportunities.
The primary resistance area for sellers to enter exists between $0.20 and $0.22.
Breakout success after surpassing current levels can push the price to $0.25.
If holders fail to defend its current $0.16 level, Popcat’s price could increase toward $0.14 support.
The positive sentiment in the market and solid price charts suggest Popcat will continue to rise unless prolonged bullish momentum and market activity fade away. However, for now, the market remains uncertain.
