Previously optimistic Popcat traders are now cautious as Popcat’s funding rate has dipped into the negative zone, indicating bearish sentiment. Funding rates reflect the cost of holding positions in the derivatives market, and a negative rate shows current bearish sentiment among traders.
The shift in sentiment is further supported by declining Open Interest (OI), which measures speculative activity. Falling OI suggests traders are closing positions, making a price recovery for Popcat challenging.
Technical analysis shows Popcat’s price at $1.28, with the Parabolic Stop and Reverse (SAR) indicator further indicating a potential downtrend. If selling pressure continues, prices could fall to $1.04 or even $0.85. However, increased buying pressure could lead to a price rebound, potentially reaching $1.82 or $2.
