Popcat declines by 8% in 7 days: Is this just the beginning of a bigger slide?

Popcat has declined by 8.55% over the past week.
Analyst eyes another drop before the memecoin attempts an uptrend citing wave 4 of Elliot wave.

As a seasoned analyst with over two decades of experience observing market trends and patterns, I see the current state of Popcat as a temporary downturn in its uptrend cycle, which is not unusual in the volatile world of crypto. The recent 8.55% decline over the past week, coupled with the Elliot wave analysis, suggests that we might be witnessing wave 4 of the pattern before another potential uptrend.

Although the cryptocurrency market has witnessed a robust price surge, pushing Bitcoin [BTC] to a fresh all-time high, certain alternative coins like Popcat [POPCAT] are yet to catch up and have even seen a significant drop in value during the last seven days.

Currently, as I’m typing, the price of Popcat stands at $1.51. Over the last 24 hours, it has dropped by 2.17%. This downward trend seems to be continuing, with a more significant weekly decrease of 8.55%.

Previously, the memecoin had been climbing steadily, increasing by 23.14% according to monthly graphs. After touching a recent bottom at $0.9, the memecoin experienced a robust upward movement, peaking at $1.8.

However, the recent decline has left various analysts projecting a further dip.

Market sentiment

According to Bitcoin analyst Man’s interpretation, the price movements of Popcat appear to correspond with the support zone related to Elliot wave pattern’s wave 4.

Popcat declines by 8% in 7 days: Is this just the beginning of a bigger slide?

This suggests that Popcat might be stabilizing during its fourth wave, typically a phase where the market corrects itself. If it manages to hold this level, it may signal the end of the current downtrend and potentially initiate an uptrend again.

As per the analyst’s interpretation, surpassing the peak of wave-3 strongly implies that wave-5 has likely started its development.

If Popcat departs from wave 3, it might imply the conclusion of the correction phase, thereby preparing the ground for wave 5, indicating a resumption of the upward trend.

Yet, the analyst observed that wave 4 often extends for a considerable period. Consequently, although there might be an impending uptrend, it could merely represent the extended phase of the larger wave 4 corrective movement.

Under these circumstances, the noticeable rise during wave 3 might suggest that wave 4 has ended, potentially leading to further adjustments since wave 4 can be intricate and includes various patterns like a zigzag pattern.

If the prices don’t manage to exceed wave 3, this could suggest that the price is still undergoing a correction and Popcat’s price may continue falling before it’s ready for another upward trend.

Is Popcat set for further decline?

According to Elliot wave analysis, it’s likely that the memecoin might experience a significant drop before making another upward movement.

Read Popcat’s [POPCAT] Price Prediction 2024–2025

Considering the latest market trends, Popcat seems to be undergoing significant bearish pressure, but over a short period, it might show some positive movement.

Based on current trends and bear dominance, I anticipate that the price of Popcat may find its next significant support around $1.38. Should we observe a breakout from this level, it could signal the commencement of Wave 5, potentially pushing the memecoin to challenge the resistance at $1.7.

2024-11-08 11:03

Market sentiment

Is Popcat set for further decline?

Read More