Over the past two weeks, Popcat (POPCAT) has faced significant downward pressure, tumbling from $0.98 to a local low of $0.49. However, recent developments suggest a potential reversal, with the memecoin trading at $0.5581 at the time of writing—a 2.29% gain over the last 24 hours.
This modest recovery comes after steep declines of 30.56% on weekly charts and 49.66% on monthly charts. The question now is whether Popcat can sustain its recent momentum or succumb to further losses.
Chart Analysis: Signs of Reversal?
Market sentiment for Popcat is showing signs of improvement, with analysts noting diminishing downward momentum as buyers re-enter the market. A bullish crossover observed 48 hours ago, supported by the Stochastic RSI, indicates weakening bearish trends.
Another critical metric, the Average Directional Index (ADR), has remained above 1, surging to 1.37—a signal of increasing capital inflow and building upward momentum. Weighted sentiment also turned positive 48 hours ago, reflecting renewed optimism among market participants.
Long Positions Dominate
Popcat’s demand for long positions has surged, with 51% of total traders taking bullish stances. A positive Funding Rate, sustained over the past week, further underscores this trend. Traders are paying premiums to maintain their positions, signaling confidence in an upward price trajectory.
Key Levels to Watch
For Popcat to solidify its recovery, holding above the $0.55 support level is critical. A successful defense of this level could pave the way for a climb toward $0.82. However, a breach below $0.55 would likely trigger further declines, potentially pushing prices to $0.43.
Also Read: Popcat (POPCAT) Memecoin Shows Bullish Sentiment Amid Price Action Shift and Rising Trader Interest
With improving sentiment and growing demand for long positions, Popcat appears poised for a potential rebound. Traders and investors should closely monitor key support and resistance levels to gauge the memecoin’s trajectory. While the signs are promising, caution remains essential in navigating the volatile memecoin market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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