Traders Avoid Overheating as POPCAT Bounces Back Dog Whats Next

Bijie.com reports:
POPCAT traders strategically seized the recent “dip” to strengthen their positions.
Another important factor is also driving the surge.
After a mid-week decline,
Popcat
has rebounded impressively with an 11% increase in the past 24 hours, securing its position among the top gainers.
While
Dogecoin [DOGE]
dominates the weekly rankings with over 30% growth, its daily gains are only 2%, far behind the feline animals.
This recovery prompted AMBCrypto to explore potential patterns shaping the meme coin market.
Unveiling POPCAT’s key strategy
Interestingly, as
Bitcoin [BTC]
started its bull market cycle a week ago, POPCAT began its ascent, breaking free from a four-month slump and reaching an all-time high (ATH) of $1.50 on the same day.
However, it was unable to maintain this momentum and is currently trading at $1.37, facing some evident pullbacks along the way.
Meanwhile, the meme coin DOGE, leading in market capitalization, skyrocketed by 30% to $0.15.
It is evident that investors are flocking to DOGE as their choice, seeking diversification from BTC to reduce risk.
However, AMBCrypto’s report suggests that DOGE may be overheated and could undergo a correction soon. The growing popularity of POPCAT could further solidify this trend, making it difficult for DOGE to make further progress.
In a significant exploration, AMBCrypto discovered a key strategy employed by spot traders to manipulate the meme coin market.
Just a week ago, when POPCAT dropped to a local low of $1.23 after touching its ATH for only three days, traders withdrew a substantial amount of tokens from exchanges, totaling $4 million.
This price point evidently served as the target for the decline, marking the beginning of an aggressive accumulation phase.
Furthermore, these acquisitions took advantage of the concerns surrounding DOGE’s recent retreat. As worries about overheating led to daily gains of over 7% for DOGE, traders shifted their focus to POPCAT. However, trends can change.
Careful observation of POPCAT’s hourly price movements suggests that an imminent breakthrough is unlikely, with the MACD turning bearish and RSI declining.
However, this does not guarantee a pullback either. With active accumulation and the potential decline of DOGE, POPCAT still has the possibility of continuing its climb.
The competition between these two meme coins is heating up, and traders are closely watching their next moves.
Read more:
Popcat [Popcat] price prediction
2024-2025
POPCAT has established $1.23 as a local low, but a breakthrough may occur if capital shifts from DOGE to POPCAT, especially after its strong double-digit surge.
In the end, the meme coin market is a battlefield, and only one winner will emerge.