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Popcat price (POPCAT) has struggled to gain traction and seeks a rebound. The token has been consolidating in a tight range for the last four sessions and failed to cross the barriers.
While the token attempted a pullback, a lack of investor interest was noted. Amid the choppy moves, the token seemed likely to regain momentum. It is trying to settle gains around the 100-day EMA support zone, close to $0.5700.
Last month, the token made a double bottom formation near the $0.3700 level. Following it, the POPCAT crypto price surged by over 96% and reached the cluster of $0.800.
Later, a bearish streak was observed, and the token wiped out more than 30% of gains in the last week. However, it reached the crucial pivot of $0.5700, and a bounce can be seen ahead.
POPCAT Price Prediction: Further Correction Or Bounce Ahead?
An assessment of POPCAT price action shows that the token has experienced significant selling pressure. Additionally, it dropped over 26% last week.
POPCAT may struggle to exit the downturn and gain a reversal. The Awesome Oscillator (AO) reading is red and slipped below the midpoint. It indicates a decreased buying momentum.
Similarly, the RSI curve noted a negative crossover, having a reading of 48, underscoring neutral observations.
At the time of writing, POPCAT’s price traded at $0.5703, noting a decline of over 5.55%. With a market cap of $559.37 Million, POPCAT crypto is ranked in the 93rd position.
However, a rising channel pattern was formed. Also, the memecoin price reached the crucial pivot of $0.5700, close to the 20-day EMA hurdle.
A drop below the $0.5700 would break the channel trajectory, which might lead to a bearish reversal.
In a recent tweet on X by @autism, he said that the POPCAT price has reached the critical support zone. It is poised for a reversal. Its Stoch RSI is reloading, which signals a bounce is imminent.
$POPCAT update
— Autism Supercycle *will never ask to DM* (@autismSC) September 3, 2024
Looks primed at these levels
Stoch RSI is reloading, price is holding above the 30 Moving Average (see how it did the same in early July) and we held the diagonal trendline
Currently hovering between a strong support and resistance waiting for signal from BTC pic.twitter.com/e0QLKKBOtL
One indicator that gives a firm conviction that POPCAT could see a surge is the Money Flow Index (MFI). Its reading is noted at around 65. This conveyed that buying pressure is steady and that the memecoin could see a bullish spree soon.
Overall, the market sentiment around POPCAT crypto is not as gloomy as the technical indicators. It presented a curious contrast in market perception.
Decline in Social Dominance Activity: What Does It Mean?
Amid the POPCAT price decline over the last few sessions, the social dominance data spotted a drop. Furthermore, it fell below the zero line, underlying the decline in the media buzz.
A decline in social dominance activity implies that other cryptocurrencies are getting more recognition. It also showcased that the investors are not paying much attention to it.
However, the Futures Open Interest (OI) dropped over 6.94% to $43.61 Million. It indicated that long positions have exited in the past 24 hours.
Also, the OI-weighted funding rate remained positive, meaning traders still hold long positions. This indicated a bullish sentiment.
Until the memecoin stayed above the 100-day EMA level, it remained neutral. The token could see a bounce toward $0.5900, followed by $0.6200 in the coming sessions. Conversely, the immediate support zone stood around $0.5500, followed by $0.5300.