- POPCAT had a bearish construction on the day by day chart.
- Its bearish social media engagement stemmed from a relative weak point throughout a bullish market part.
Popcat [POPCAT] famous a 79.7% rally from the lows of November to the excessive at $2.08. Market members anticipated a minor retracement earlier than the subsequent transfer larger, however POPCAT has retraced virtually all of those positive aspects.
Bitcoin [BTC] noticed an 8.83% drop from the twenty second to the twenty sixth of November, which additional contributed to Popcat’s losses.
However, whereas Bitcoin jumped larger to problem the $98k native resistance zone once more, Popcat bulls had been unable to breach $1.4.
Technical evaluation highlights POPCAT weak point
Source: POPCAT/USDT on TradingView
On the day by day timeframe, POPCAT had a firmly bearish construction.
The sequence of lows the token shaped in mid-November round $1.65 was not defended, and the Fibonacci retracement ranges had been ceded to the bears as properly.
At press time, the 78.6% retracement degree at $1.35 served as a resistance zone on the decrease timeframes.
The RSI confirmed bearish momentum was dominant. The OBV noticed a noticeable drop prior to now ten days, displaying promoting strain and weakened consumers.
Of the highest eight memecoins by market capitalization, POPCAT is the one one which has a unfavourable return over the previous 30 days. Dogecoin [DOGE] has the best, and dogwifhat [WIF] the bottom.
DOGE has rallied 152% because the day by day open of the thirtieth of October, whereas WIF has gained 24.87%.
By comparability, POPCAT has shed 23.28%. This was not a very good search for the cat-themed Solana [SOL] token, and signified an absence of power whereas the remainder of the market carried out bullishly.
Sentiment turns unfavourable after a short respite
Source: Santiment
A comparability of the sentiment metrics of POPCAT and PEPE confirmed that PEPE holders had been barely extra bullish.
PEPE has gained 112% prior to now 30 days, and the current worth drop made solely a dent to the meme’s bullish pattern.
The social dominance of PEPE was 20x larger on the twenty ninth of November, and the weighted sentiment was extra hopeful too.
Popcat’s engagement turned bullish just a few days in the past however reverted bearishly fairly shortly as the worth continued to fall.
Source: Santiment
An examination of the Popcat whale addresses confirmed that addresses with 100k+ POPCAT have slowly declined in quantity since late September.
Realistic or not, right here’s POPCAT’s market cap in BTC’s phrases
The 10M+ cohort noticed a rise in current weeks, as did the 10k-100k holding cohort.
Meanwhile, the smaller shrimp, fish, and shark part of holders with underneath 10k POPCAT have been accumulating since July. Overall, the whale distribution over the previous 4–6 weeks was a priority.
