Despite the positive outlook in Bitcoin, a bearish signal has been signaled for Popcat (POPCAT) on the Solana blockchain.
POPCAT, which has lost nearly 8 percent of its value in the past week, was forecast to fall again before heading higher. Examining the POPCAT chart with the Elliot wave indicator, Man of Bitcoin drew attention to potential support levels. The analyst said that the fourth region in the Elliott wave is about to be broken and the break in question means a decline.
POPCAT analysis
The cat-themed meme coin PopCat (POPCAT), launched on the Solana blockchain, managed to reach a market value of $1.5 billion in a short period of time. POPCAT, which is on the list of best performers, has been ringing alarm bells lately. The popular memecoin traded at $1.69 on November 1, and hovered at $1.55 during the day.
Bitcoin analyst Guy suggests that POPCAT is reacting to the support level located in the fourth part of the elite wave. This reaction means that the price is holding at the support point.
According to Man of Bitcoin, the popular MemeCoin can end the downtrend if it can survive the fourth episode. The quarter indicated by the analyst corresponds to $1. Furthermore, the analyst predicted that POPCAT price could reach $2.13 if it crosses the $1.9 level.
Commenting on Man of Bitcoin’s Elliott chart, AMBCrypto noted the following;
“POPCAT above $1.9 indicates that the correction will end and thus the uptrend will continue. The scenario in question points to $2.8.“
Man of Bitcoin mentioned that the fourth installment may take a long time to complete. “Risk of pullback to $1 before surge” The analyst argued that a fourth wave should be followed on the Elliott chart.
According to Elliot wave analysis, memecoin has to complete its potential correction before entering another uptrend. In the analysis, it was stated that POPCAT will test the nearest support point at $1.38. Holding this support could see the popular memecoin touch resistance at $1.7.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
