POPCAT experienced a significant surge of 79.7% from the November lows to reach a high of $2.08. Investors anticipated a minor pullback before resuming its upward trajectory, but the cryptocurrency has now retraced most of these gains.
During the 22nd to 26th of November, Bitcoin witnessed an 8.83% decline, which further dampened POPCAT’s performance.
While Bitcoin made a strong push towards the $98k resistance level, POPCAT failed to surpass $1.4.
Analysis Reveals Weakness in POPCAT’s Technical Position
Looking at the daily chart, POPCAT exhibited a notably bearish trend.
The support level around $1.65, established by the token in mid-November, was breached, and the Fibonacci retracement levels surrendered to bearish pressure.
Currently, the $1.35 mark, representing the 78.6% retracement level, is acting as a resistance zone on shorter timeframes.
Indicators such as the RSI signaled prevalent bearish momentum, with the OBV reflecting a significant decrease in the past ten days, indicating heightened selling pressure and a weakening buyer interest.
Out of the leading eight meme coins by market cap, POPCAT stands as the sole entity exhibiting negative returns over the last 30 days. Dogecoin [DOGE] has enjoyed the highest gains, whereas dogwifhat [WIF] recorded the lowest.
DOGE surged by 152% since the beginning of November 30th, while WIF saw a growth of 24.87%.
In stark contrast, POPCAT experienced a decline of 23.28%. This performance painted a less than favorable picture for the feline-themed Solana [SOL]-based token, indicating a lackluster performance amidst a bullish market environment.
Sentiment Takes a Downturn Following a Brief Improvement
An assessment comparing the sentiment metrics between POPCAT and PEPE indicated that PEPE holders exhibited slightly more bullish sentiment.
Over the past month, PEPE surged by 112%, and despite the recent price dip, its bullish momentum remained largely intact.
On November 29th, PEPE’s social dominance towered above POPCAT by 20x, depicting a more optimistic sentiment among investors.
While Popcat’s sentiment briefly turned positive a few days back, it swiftly reverted to bearish sentiment as prices continued to decline.
An analysis of the major POPCAT whale addresses revealed a gradual decrease in addresses holding over 100k POPCAT since late September.
In contrast, the cohort holding over 10M POPCAT witnessed a rise in recent weeks, alongside the 10k-100k holding range.
Conversely, smaller holders with under 10k POPCAT, categorized as shrimp, fish, and shark, have been accumulating tokens since July. The distribution of whale holdings over the past 4–6 weeks raised concerns within the market.