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The Popcat price is down more than 26% on the weekly time frame despite a slight 24-hour gain to trade at $1.23 as of 7:30 a.m. EST as traders dump their holdings in the meme coin.
With the drop over the last 7 days, the POPCAT price is also down more than 40% from the all-time high of $2.07 that it set just 10 days ago.
Popcat Price At Risk Of Losing A Vital Support
4-hour chart for POPCAT/USD (Source: GeckoTerminal)
The Popcat price has printed multiple lower lows and lower highs on the 4-hour chart in the last couple of days, resulting in the formation of a negative medium-term descending channel. Now, the meme coin is testing the key support level at $1.2548. Should it lose the support of this price point, POPCAT stands the risk of dropping all the way down to $0.9168.
However, the Popcat price maintaining a position above $1.2548 for the next 12 hours could invalidate the bearish thesis. In this alternative scenario, the meme coin’s price might start to rise. Traders could end up pushing the value of Popcat out of the negative price channel.
Escaping this negative range might then lead to a challenge of the $1.5606 resistance. In an extremely bullish case, the Popcat price could rise to as high as $1.8824 in the short term.
Technicals Suggest Bulls Are Trying To Take Control Of The Popcat Price
From a technical perspective, there are signs on POPCAT’s 4-hour chart that suggest bulls are trying their best to take back control of the meme coin’s price. In the last couple of hours, Relative Strength Index (RSI) readings have started to level off in the low 30s. This suggests weakening seller strength.
In addition to the leveling RSI values, the Moving Average Convergence Divergence (MACD) line has started to rise toward the MACD Signal line. This narrowing gap could be an early indication of a bullish reversal of POPCAT’s current negative trend. A confirmation of this shift in momentum might be if the MACD line crosses above the MACD Signal line.
As POPCAT tries to overcome bearish pressure, investors are flocking to meme coin rival Catslap (SLAP) for potential parabolic gains.
A Cat-Themed Meme Coin Taking The Crypto World By Storm
Catslap (SLAP) is a new meme coin project that is off to a very strong start after launching less than a week ago. Already, more than 7,000 wallets hold the meme coin. Additionally, the project has a market cap of more than $28.5 million, with over $850K worth of SLAP already staked.
A possible reason behind this exceptional start could be the team’s decision to avoid the traditional presale route and instead give every investor an equal opportunity to get in on the ground stage of the project.
By launching on a decentralized exchange (DEX) from the get-go, SLAP will likely not undergo the post-presale correction that new project’s suffer when they enter the open market.
There are other reasons that are contributing to the meme coin’s success at this early stage. One of these factors is the large burn initiatives that Catslap has in the works. With these potential burns, the value of SLAP, which has skyrocketed over 2,723% in just six days, will likely continue to rise as less tokens are made available.
The team will also add a play-2-earn (P2E) element to the project’s viral slap game. With this P2E element, Catslap could follow the same growth trajectory as the Telegram clicker game, Hamster Kombat.
Prominent analyst and YouTuber ClayBro recently told his over 130K subscribers that Catslap might be the next 50X opportunity in the meme coin space.
Catslap Team About To Make A “Major Announcement”
Catslap’s team will be making a major announcement in less than 8 days. Will the team announce a potential exchange listing on a major platform like Binance or Coinbase, or something else?
Given the success of the project since its launch less than a week ago, this upcoming announcement will likely have a positive effect on SLAP’s price.
Dog days are over bro pic.twitter.com/i3og5i1uZY
— CatSlap (@CatSlapToken) November 26, 2024
To get in on the token ahead of the major announcement, investors can use the widget embedded on the project’s website. Selling for $0.00340401, SLAP can be bought with either ETH, USDT, or bank card.
Purchase SLAP here before the major announcement.
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