POPCAT Surges 17% as Ethereum Rebound Boosts Crypto Market

POPCAT, a Solana-based memecoin, has seen a significant surge in value, with a 17% increase over the past week. This upward trend is part of a broader recovery in the cryptocurrency market, which has been bolstered by Ethereum's (ETH) recent rebound of over 11% in the last seven days, bringing its price close to the $2,500 mark.

A key harmonic pattern forming on the 4-hour chart of POPCAT suggests that this upward movement may continue. The pattern in question is a classic Bearish Butterfly harmonic pattern, a technical formation that often signals potential reversal zones when its final CD leg is near completion. This pattern starts at the X point around $0.3455, followed by a sharp decline to point A, a rebound to point B, and another drop to point C near $0.2517. From this level, POPCAT has shown a strong rebound and is currently trading near $0.31.

The price is approaching the 200-period moving average, currently at $0.3341, which serves as a key level of potential short-term resistance. If the Butterfly pattern fully materializes, the next significant price targets lie within the Potential Reversal Zone (PRZ) between $0.3748 (1.272 Fib extension) and $0.4122 (1.618 Fib extension). These levels are traditionally where a Butterfly pattern completes its final leg, often leading to a pullback.

If POPCAT can maintain its bullish momentum and break above the 200 MA with strong volume, it could pave the way for a rally of more than 21% from current levels. The region between $0.3748 and $0.4122 could become a crucial inflection point for the token. However, if the token fails to hold above the $0.25 zone—the breakout point from the C-leg—it may indicate a weakening of bullish strength and could lead to short-term consolidation before any further rally.