Why POPCAT traders can hope for a 50% rally after latest breakout – BitRss

• POPCAT’s Long/Short ratio had a reading of 1.05, indicating strong bullish sentiment among traders
• POPCAT’s RSI suggested there may be enough room for the memecoin to rally

With the larger market on the road to recovery, Solana-based memecoin POPCAT caught the attention of many traders and investors. This, after the altcoin broke through a prolonged consolidation phase on the charts, one that lasted more than eight days.

POPCAT breaks out from prolonged consolidation

On the back of this breakout, the sentiment around POPCAT might be poised to shift from a downtrend to an uptrend. In fact, the memecoin already registered a price surge of over 23%. However, at press time, some minor price correction seemed to be underway. 

The last two and a half months have not been favorable for the memecoin, as it faced sustained bouts of downside momentum leading to a price drop of over 70%. In addition to the price decline, the memecoin has also faced resis…