- Popcat is down 8.55% over the past week.
- The analyst is eyeing another decline before the memecoin attempts an uptrend citing wave 4 of the Elliot wave.
While the crypto market has seen a strong price recovery with Bitcoin (BTC) hitting a new ATH, some altcoins are still lagging behind. The list includes Popcat (POPCAT), which has seen a sharp decline over the past week.
In fact, at the time of writing, Popcat was trading at $1.51. This is a decline of 2.17% over the past day, with this downtrend extending by an 8.55% decline on the weekly charts.
Before that, memecoin was on an upward trajectory, rising 23.14% on the monthly charts. Since hitting a local low of $0.9, memecoin has seen a strong upward trend to reach $1.8.
However, the recent decline has led various analysts to predict a further decline.
Market Sentiment
In his analysis, crypto analyst Man of Bitcoin posited that Popcat prices reacted to the wave 4 support zone of the Elliot wave.
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This implies that Popcat finds support during wave 4, which is usually a corrective wave. If memecoin finds support here, it could see an end to the recent decline and return to an upward movement.
According to the analyst, a sustained breakout above the wave 3 high would further confirm that wave 5 is already underway.
This suggests that if Popcat breaks out of wave 3, it could suggest the end of the correction, thus paving the way for wave 5 which signals a continuation of an uptrend.
However, the analyst noted that Wave 4 is typically long and takes time to complete. Therefore, even with a potential move higher, this could be part of the great fourth wave correction.
Under such conditions, the visible upward movement observed within wave 3, signaling the completion of wave 4, could lead to more corrections as wave 4 is complex and involves other patterns such as zigzag.
Therefore, if prices fail to move past wave 3, it will indicate that the price is still in a correction phase and Popcat could see a further decline on its price charts before attempting another uptrend.
Is Popcat about to decline further?
Based on Elliot wave analysis, memecoin could see a sharp decline before attempting another uptrend.
Read Popcat (POPCAT) Price Prediction 2024-2025
Looking at recent price action, Popcat is experiencing strong bearish sentiment, albeit in the short term.
Therefore, if current conditions remain and the bears continue to dominate, Popcat will find its next support at $1.38. A breakout of this level will allow the memecoin to see the start of wave 5 challenge the $1.7 resistance level.
