While the crypto market has experienced a strong price recovery with Bitcoin [BTC] hitting a new ATH, some altcoins still lag behind. The list includes Popcat [POPCAT], which has seen a sharp decline over the past week.
Altcoin Sherpa has been keeping a close eye on Popcat (POPCAT) price movements, and his analysis suggests that the memecoin could experience a strong dip before attempting another uptrend.
According to Sherpa's analysis, using Elliot wave, Popcat prices have reacted to the wave 4 support area of Elliot wave. This implies that Popcat is finding support at wave 4 which is usually a corrective wave. If the memecoin finds support here, it could see an end to the recent decline and return to upward movement.
However, the analyst also notes that wave 4 is usually long and it takes time to complete. Therefore, even with a potential upward move, it could be a part of the large wave 4 correction.
Coin Price Forecast also notes that if the prices fail to break above wave 3, it will signal the price is still in the correction phase and Popcat could see further decline on its price charts before attempting another uptrend.
Moreover, if the prevailing conditions hold and bears continue to dominate, Popcat will find its next support at $1.38. A breakout from this level will allow the memecoin to see the start of Wave 5 challenging the $1.7 resistance level.
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