Popcat (POPCAT) Price Prediction: Further Correction or Bounce Ahead?

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.

Popcat price (POPCAT) has been struggling to gain traction and is looking for a rebound. The token has been consolidating in a tight range for the last four sessions and has failed to cross the barriers.

While the token tried to pull back, a lack of investor interest was noted. Amid the choppy moves, the token’s momentum is likely to return. It is trying to settle gains around the 100-day EMA support zone, close to $0.5700.

Last month, the token formed a double bottom near the $0.3700 level. Following this, the POPCAT crypto price soared more than 96% and reached a cluster of $0.800.

Later, a bearish streak was observed, and the token wiped out more than 30% of gains last week. However, it reached the crucial pivot of $0.5700, and a bounce can be expected ahead.

POPCAT Price Prediction: Further Correction Or Bounce Ahead?

An analysis of POPCAT's price action reveals that the token faced significant selling pressure and dropped more than 26% last week.

POPCAT may find it difficult to exit the downturn and gain a reversal. The Awesome Oscillator (AO) reading is red and slipped below the midpoint, indicating a decrease in 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 was trading at $0.5703, indicating a decrease of more than 5.55%. With a market cap of $559.37 Million, POPCAT crypto is ranked 93rd.

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 highlighted that the POPCAT price has reached the critical support zone and is poised for a reversal. Its Stoch RSI is reloading, which signals a bounce is imminent.

$POPCAT updatenLooks primed at these levelsStoch 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 presented it. A curious contrast in market perception.

Decline In Social Dominance Activity: What Does It Signify?

Amid the POPCAT price decline over the last few sessions, the social dominance data spotted a drop and fell below the zero line, underscoring the decline in the media buzz.

A decline in social dominance activity implies that other cryptocurrencies are getting more recognition and that investors are not paying much attention to it.

However, the Futures Open Interest (OI) dropped by over 6.94% to $43.61 Million, indicating that long positions have exited in the past 24 hours.

Also, the OI-weighted funding rate remained positive, meaning traders still hold long positions, which signaled a bullish sentiment.

Until the memecoin stays 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.

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