Popcat’s price is forming a dangerous pattern, signaling a potential 25% decline

Popcat, the third-largest Solana-based meme coin, has been left behind in the ongoing crypto bull run, showing signs of potential bearish momentum.

On Tuesday, November 12, Popcat (POP) retreated to $1.43, down 18% from its highest level this year. While Popcat has risen by just 14% over the past seven days, other meme coins like Dogecoin (DOGE), which surged 128%, and tokens such as Shiba Inu, Pepe, Dogwifhat, and Bonk, which all jumped over 40%, have outperformed it. These tokens rallied following Donald Trump’s election win, which fueled optimism about friendlier regulations in the U.S.

One potential reason for Popcat’s underperformance could be investor rotation, as capital flows into other trending coins. Despite this, Popcat remains one of the best-performing cryptocurrencies of the year, having surged over 250,000% from its lowest point.

Despite recent setbacks, some analysts still see upside potential for Popcat. Professor Astrones, a popular analyst with over 187,000 followers on X, suggested that Popcat could potentially reach between $10 and $20 in the near term.

Popcat Faces Bearish Risks, but Bullish Potential Remains

Popcat’s token has had an impressive run this year, reaching a record high of $1.8132 and flipping the key resistance level at $1 on October 4, signaling a period of bullish control.

The token remains above both its 50-day and 100-day Exponential Moving Averages (EMAs), which is typically a positive sign for bullish momentum. However, Popcat has also formed a double-top pattern at $1.7268, with a neckline at $1.1810—a classic bearish reversal pattern.

Furthermore, Popcat is in the process of forming a bearish engulfing candlestick, which suggests that the price could soon begin a downward trend. If this bearish pattern holds, Popcat could drop to the neckline at $1.18, which would represent a 21% decline from the current price. A break below this neckline could trigger further declines, potentially toward the $1 support level.

On the flip side, if Popcat manages to break above the double-top resistance at $1.7270, it could signal a continuation of the bullish trend, with potential gains reaching as high as the $2 resistance level.