Popcat Price Plunges 8% as Traders Dump Their Holdings in the Meme Coin

The Popcat price plunged over 8% in the last 24 hours to trade at $1.34 as of 11:12 p.m. EST as traders dump their holdings in the meme coin.

The Popcat price plunged over 8% in the last 24 hours to trade at $1.34 as of 11:12 p.m. EST as traders dump their holdings in the meme coin.

This recent drop in the POPCAT price is a continuation of the crypto’s negative weekly performance. As a result, the altcoin is in the red by more than 26% over the last 7 days.

Popcat Price Resting On A Key Support Level

4-hour chart for POPCAT/USD (Source: GeckoTerminal)

The Popcat price is testing the key support level at $1.2475, according to GeckoTerminal. Should it break below this technical safety net in the next 12 hours, the meme coin could stand the risk of plunging to the next mark at $0.9256 in the following couple of days.

However, the Popcat price rebounding from the $1.2475 level in the coming 12 hours might stop the bearish move in its tracks. In this alternative case, the crypto could begin to rise and attempt a challenge at the $1.5694 resistance level. Overcoming this obstacle might then clear the space needed for POPCAT to rise to as high as $1.8751.

Bears Still In Control Of The Popcat Price

From a technical perspective, indicators on POPCAT’s 4-hour chart suggest sellers have a slight advantage over buyers. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators show that bears are currently in control of the Popcat price. There are, however, early signs that a bullish shift in power may be in the cards.

The RSI suggests that POPCAT is near oversold territory, with the current reading in the mid 30s. Some traders seemed to have identified these low RSI readings as a buying opportunity, resulting in an increase in the indicator’s values in the last couple of hours. 

If more bulls enter the meme coin’s charts in the coming 8 hours, it could lead to a spike in RSI readings. This could then be accompanied by an uptick in the Popcat price.

Momentum does still favor bears, however, with the MACD line’s positioning below the MACD Signal line warning that the Popcat price might drop in the short term. Although the gap between the two lines is starting to grow to indicate POPCAT’s bearish momentum is picking up steam, the flat Histogram readings suggest buyers still have the opportunity to sway momentum.

As POPCAT tries to withstand the pressure from sellers, investors are flocking to a new meme coin rival called Catslap (SLAP), which went parabolic after listing last week.

Catslap Soars Amid Tier-1 Exchange Listing Speculation

Catslap Token has had a strong start since entering the market just a few days ago, with its price soaring from $0.0001179 to a high of $0.006912. It has since pulled back recently to trade at $0.003266. Despite this correction, SLAP is still up more than 3,100% since its launch.

This strong performance could be just the beginning. An analyst from the Crypto Gains YouTube channel, which has over 134K subscribers, believes SLAP could still soar 100X.

This comes after the team decided to launch the project on a decentralized exchange (DEX), avoiding the traditional presale route. By immediately trading on a DEX, SLAP eliminates the risk of undergoing the post-presale dump that many projects suffer on their market debut. Every investor is also given a fair opportunity to get in on the project at this ground stage.

Although the meme coin is still new, it already has over 6.29K holders. Its daily trading volumes are in the millions of dollars as well, signaling strong interest around the project. This heightened activity is likely to continue leading up to the “major announcement” from the Catslap team in about 8 days. 

Many believe this announcement could have something to do with a tier-1 exchange listing. Given the activity around SLAP at the moment, it’s not too far-fetched that a major platform might have already picked up on the meme coin. Just recently, Coinbase and Robinhood listed Dogwifhat, indicating these exchanges have an appetite for red-hot meme coins like SLAP.

Could Catslap Become The Next Hamster Kombat?

Others believe the Catslap team might announce a play-to-earn (P2E) feature for the project’s native game. Although there has been no confirmation that this functionality will be added just yet, the 10% allocation of the token’s supply toward community rewards suggests this might be a possibility. 

If a P2E element