- This bearish thesis will only hold if it closes a daily candle below the $0.70 level.
- On-chain metric revealed that exchanges have witnessed an inflow of nearly $1 million worth of POPCAT.
Popcat (POPCAT) appears set to carry on its negative trend, driven by the emergence of bearish market behavior.
Today, the broader cryptocurrency market is grappling with difficulties after experiencing a significant drop in prices yesterday. In these challenging conditions, the value of POPCAT took a substantial hit, plummeting by more than 22% within 24 hours. Unfortunately, it could not maintain a critical level of support.
POPCAT technical analysis and key levels
According to AMBCrypto’s technical evaluation, the price of POPCAT has dropped below a long-term holding area that was situated between $0.70 and $0.83. This region was significant because it represented a key support level at $0.70.
Based on this pattern analysis, it seems like the memecoin’s daily trend is showing a strong potential for decreases in the near term.
POPCAT’s price prediction
At the time of writing, the memecoin was trading below the lower level of the consolidation zone.
Given the latest trends in the market, if the memecoin finishes its daily trading session below the $0.70 threshold, there’s a high likelihood that it might decline an additional 42%, potentially hitting its next support level at approximately $0.38.
Furthermore, it’s worth noting that POPCAT’s current trading price falls below its 200-day Exponential Moving Average (EMA), indicating a shift in trend towards downturn on the daily chart. This suggests that the memecoin has turned bearish.
If POPCAT doesn’t close a daily price chart below the $0.70 mark, there’s a chance its bearish prediction might not materialize.
Analyzing exchanges inflows
As a researcher, I’ve observed that the recent market turbulence and the prevailing sentiment in the POPCAT market have sparked apprehension among long-term investors, leading them to offload their assets onto exchanges, as reported by the on-chain analytics firm Coinglass.
According to information from the Spot Inflow/Outflow, approximately $1 million’s worth of POPCAT has flowed into exchanges.
In the world of cryptocurrencies, an influx refers to coins being transferred from wallets of long-term investors to exchanges. This action could signal increasing demand for sellers, which may lead to a possible decrease in prices and additional sell-offs.
Based on this measure and a close examination of the market trends, it seems that sellers are presently in control of the asset, possibly leading to additional price drops in the near future.
Read Popcat’s [POPCAT] Price Prediction 2024–2025
Currently, as I’m typing this, POPCAT is hovering around approximately $0.65, and it has seen a drop in value exceeding 18% within the last day.
Meanwhile, over that timeframe, the trading activity significantly increased by 21%, suggesting a surge of interest from both traders and investors, possibly due to a pessimistic market view.
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2025-01-09 05:11