POPCAT Rally at Risk, Will Price drops to $1.4?

Share This Post

Bitcoin Breakout Alert: Can BTC Smash $68K? Here’s What Popular Analyst Says

The post POPCAT Rally at Risk, Will Price drops to $1.4? appeared first on Coinpedia Fintech News

With impressive performance, the popular Solana-based meme coin, Popcat (POPCAT) has been making waves in the cryptocurrency industry. However, despite its strong performance over the past 30 days, the current price action appears bearish and indicates a potential price reversal. 

POPCAT Technical Analysis and Upcoming Levels 

According to expert technical analysis, POPCAT has been moving within a bullish channel pattern while making higher highs and higher lows. Following the recent price rally, the meme coin has reached the upper boundary of the channel, where it has historically experienced price reversals.

Source: Trading View

Since the beginning of October 2024, POPCAT has reached this level multiple times, experiencing notable selling pressure and price declines each time. A similar price action has emerged again.

Based on historical price momentum, if the POPCAT price remains below the $1.755 level, there is a strong possibility that it could decline by 18%, reaching the $1.4 level in the coming days.

The thesis of POPCAT’s price decline will hold only if its price remains below the $1.755 level, otherwise, it may fail. 

Bullish On-Chain Metrics 

Despite the negative price action, POPCAT’s on-chain metrics indicate a bullish outlook. According to the on-chain analytics firm Coinglass, POPCAT’s Long/Short ratio currently stands at 1.076, reflecting strong bullish sentiment among traders.

Source: Coinglass

Furthermore, its open interest has surged by 23% over the past 24 hours, signaling growing trader interest and the buildup of new positions.

Traders and investors often view rising open interest and a Long/Short ratio above 1 as favorable when building long positions. Currently, 52% of top traders hold long positions, while 48% hold short positions.

Current Price Momentum 

At press time, POPCAT is trading near $1.72 and has experienced a price surge of over 14% in the past 24 hours. During the same period, its trading volume jumped by 26%, indicating heightened participation from traders and investors amid bullish market sentiment.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ethereum Must Reclaim $2,050 To Start A Recovery Rally – Insights

Ethereum (ETH) is now trading below the crucial $2,000 mark, struggling to find momentum after days of selling pressure and consolidation around $1,900 The broader crypto market remains under heavy

24 Ways Crypto Investors Are Being Hunted by Cybercriminals—Wallets Drained at Record Speed

Crypto scams are draining wallets fast, using AI fraud, fake mining, and Ponzi schemes—so advanced that regulators struggle to keep up 24 Brutal Crypto Scams Hunting Investors — The Tactics

Whales Accumulate Over 420,000 Ethereum In Five Days – Rally On The Horizon?

Ethereum (ETH) has seen underwhelming price action this year, disappointing analysts and investors who expected a massive breakout Instead, ETH is now trading at its lowest levels since October 2023,

Cardano (ADA) Price Prediction for March 16

The post Cardano (ADA) Price Prediction for March 16 appeared first on Coinpedia Fintech News As the weekend approaches, the overall cryptocurrency market has begun to recover, showing signs of an

UK FCA’s Finprom Rules 1 Year Later: How to Kill an Industry in One Easy Step

As a lawyer (not yours), I spend a good chunk of my time explaining to businesses why they need to pour half their budget into compliance instead of, you know, actually building something useful But

Ethereum Cost Basis Data Signals Strong Support At $1,886 – Details

The Ethereum (ETH) market has experienced some recent good fortunes rising by over 5% in the past 24 hours Despite this price gain, the prominent altcoin remains in a downtrend as indicated by its