The sentiment among Popcat (POPCAT) traders has shifted from bullish to cautious after the meme coin hit a new all-time high on October 29. On-chain analysis reveals that the funding rate of POPCAT has dropped to the negative zone, indicating a bearish sentiment among traders. Additionally, the declining open interest suggests that traders are closing their positions, making a recovery for POPCAT challenging in the short term. The daily chart shows the price of POPCAT has fallen to $1.28, with the Parabolic SAR indicator suggesting a potential downtrend. Traders are advised to exercise caution as the price could drop to $1.04 in a bearish scenario, but if buying pressure increases, the token could bounce to $1.82 or $2.



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