POPCAT/USDT Price Analysis: Potential Rally Setup if Key Support

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This chart for the POPCAT/USDT trading pair on the 1-hour timeframe illustrates a potential bullish setup if the price undergoes a correction to a critical support level. Following a recent upward movement, the price is now in a retracement phase. The green demand zone, located around the $1.41-$1.43 range, suggests a strong support area where buyers may step in, potentially reversing the current downtrend. The level marked at $1.4158 acts as a key price point to watch for a bounce, aligning with a potential buy zone.

The chart's path projection shows that if the price respects this demand zone and holds above $1.4158, it could signal the start of a new upward trend. The next major resistance level is near $1.60, with an extended target around $1.6111, where sellers may exert pressure again. The moving average is also sloping downwards, indicating that the price needs to establish a base above the demand zone to confirm the start of an uptrend.

Traders might consider waiting for bullish confirmation, such as a strong reversal candle or increased volume, around the support zone. A successful bounce from this zone could lead to significant gains, making this an area of interest for both short-term and long-term traders aiming to capitalize on the next rally.