However, constant market developments seem to weigh heavily on POPCAT’s future prospects.
POPCAT records losses
The overall dynamics shows a developing bearish trend on the POPCAT side. Key technical indicators, particularly the Relative Strength Indicator (RSI), are signaling a possible decline. Over the past two months, the RSI has been steadily declining, indicating that selling pressure is building. If the RSI crosses below the neutral level of 50.0, it will confirm that the bearish momentum is gaining strength.
Moreover, with the crypto market going through a moment of uncertainty with a negative start to the week. Thus, the price of POPCAT could be influenced by factors external to its technical indicators. Market conditions often play a big role, as do regulatory conditions or changes in momentum. But still, the sentiment around the same corners could also impact its trajectory.
Despite the recent decline, traders remain relatively optimistic about the future of POPCAT. The same coin continues to attract the attention of retail investors, as evidenced by the positive funding rate. This suggests that many traders are betting on a continued uptrend. High funding rates generally reflect strong buying interest. This could help the meme coin maintain upward momentum.
However, market sentiment is not entirely risk-free. Although optimism is strong among some traders, the overall sentiment is somewhat mixed. There is a certain caution in the air. Any signs of market cooling could lead to rapid corrections for the same coin.
Price forecast: support to maintain
POPCAT price recently saw an 11% drop in just 24 hours. The Solana meme coin is currently testing the crucial support level at $1.49. If POPCAT fails to hold above this support, it could suffer further declines. Potentially, it could fall back to $1.21. At the time of writing, due to this downward pressure, the asset is trading at $1.33.
In the event that POPCAT manages to secure support and attract new buying interest, it could begin a new rally. A more sustained push would allow the asset to reach the following price: $1.74.
However, if the negative momentum persists and POPCAT struggles to regain momentum, the price could fall to lower support levels, around $0.0000028. Losing this support would invalidate the current bullish outlook and could trigger further selling.
Moral of the story: not all corners are equal, POPCAT goes down and PEPE goes up.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult a professional before making any financial decisions.
