Popcat (POP) Price Soars 134% Weekly, But Bearish Patterns Suggest Correction May Be Coming

The Popcat price has soared 134% in the past week and almost 4% in the past 24 hours to trade at $0.5874 as of 7:04 p.m. EST.

The Popcat price continued its surge on Monday evening, advancing over 134% in the past week and almost 4% in the past 24 hours to trade at $0.5874 at 7:04 p.m. EST.

Taking a closer look at the 4-hour chart, we see that Popcat has been on an uptrend, as evidenced by the latest series of candle stick patterns. However, confined within the rising wedge is a bearish pattern, suggesting that the buying momentum is weakening despite the upward trend as the peaks and troughs come closer together.

Also backing the Rising Wedge formation is a Double-Top pattern. This pattern is visible at the top of the Rising Wedge, where the price has hit a similar resistance level twice (“Top 1” and “Top 2”) without a decisive breakout above these levels.

The Double Top is a widely recognized bearish reversal pattern that signals a potential shift from an uptrend to a downtrend. It is confirmed when the price falls below the support level formed by the trough between the two peaks.

Looking at other indicators, we see that the Woodies CCI indicator shows a high reading, which could indicate that the price is currently overbought. This aligns with the expectation of a reversal, as high CCI values can suggest that a price pullback is due.

Given the confluence of a Rising Wedge and a Double Top pattern, traders might consider preparing for a bearish move.

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SEAL token trading on decentralized exchanges (DEX) will commence on July 2 at 1 p.m. UTC.

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