Popcat price forms a risky pattern, pointing to a 25% dive

Popcat, the third-largest Solana meme coin, has fallen behind in the ongoing crypto bull run with the risk of a potential downtrend.

Popcat (POPCAT) fell 18% from this year’s high to $1.43 on Tuesday, November 12.

While Popcat is up just 14% in the last seven days, Dogecoin (DOGE) is up 128% in the same period, and tokens like Shiba Inu, Pepe, Dogwifhat, and Bonk are up over 40%. These tokens rebounded following Donald Trump’s election victory, raising hopes of friendlier regulations in the US

One possible reason for Popcat’s underperformance is that investors are turning to other cryptocurrencies. Despite this, Popcat remains one of the best-performing cryptocurrencies of the year, up over 250,000% from its lows.

Some analysts see a potential upside for Popcat in the near term. Popular analyst Professor Astrones, who has more than 187,000 followers, suggested in a post on X that the cryptocurrency could reach between $10 and $20.

Popcat price may be at risk of a major dive Popcat price chart | Source: crypto.news

Popcat’s token price has performed well this year, reaching a record high of $1.8132. On October 4, it broke the key resistance level to $1, signaling bullish control.

Popcat remains above the 50-day and 100-day Exponential Moving Averages, which are generally bullish signals. However, it formed a double top formation at $1.7268 with a neckline at $1.1810, one of the most common bearish reversal signals in the market.

Additionally, it is in the process of forming a bearish engulfing candlestick formation, indicating the potential for a downtrend. If this downtrend continues, Popcat could fall to $1.18, approximately 21% below the current level. A decline below this neckline could lead to further declines towards $1.

On the other hand, a move above the double-top at $1.7270 could signal potential gains, possibly towards the $2 resistance level.