- The bout of volatility earlier this week saw POPCAT’s prices fall.
The psychological $1 level might be retested as support.
As a seasoned crypto investor with over a decade of experience navigating the ever-changing landscape of digital assets, I’ve learned to expect the unexpected. The recent volatility that sent POPCAT tumbling down was just another reminder of the rollercoaster ride we’re all on.
Currently, Popcat [POPCAT] is 17.8% lower than its peak price of $1.485. As of now, it’s being exchanged at $1.21, as Bitcoin [BTC] investors find it challenging to drive the prices above $64k.
The volatility on the 7th of October gave way to bearish momentum across the crypto market.
The volatile situation likewise impacted POPCAT, leading to a brief pullback. Even though its price decreased, the overall structure and upward trend remained robustly optimistic.
The fair value gap could pull prices lower
On the 4th of October, I witnessed some significant price surges, which created an expansive value gap in my daily chart, stretching from approximately $1.07 to $1.13.
Over the last day, the meme coin has shown some resistance at approximately $1.15, suggesting a possible further drop might occur.
For Popcat, there’s a higher probability of a short-term decline in Bitcoin (BTC), possibly down to around $1. However, on the larger daily timeframe, the price movements and technical signals appear predominantly bullish.
The Relative Strength Index (RSI) kept climbing above the 50-mark, suggesting a strong positive trend. Meanwhile, On-Balance Volume (OBV) has remained relatively steady during the last seven days, and trade activity was minimal.
This is a slight concern for bulls, since the strong momentum was not followed up by heavy buying.
Chances of a POPCAT range formation above $1
As a crypto investor, I’ve noticed that social volume has been consistently increasing since mid-September and it’s currently on the rise. Additionally, the weighted sentiment has remained optimistic, indicating a generally positive outlook among the community.
This might create excitement around Popcat, potentially leading to increased prices as a result of favorable anticipation.
The significant decrease in trading volume during October was a setback for optimistic forecasts, suggesting that the market may require more time before it can resume its upward trajectory.
AMBCrypto found the liquidation heatmap gave some clues for this scenario.
Is your portfolio green? Check the Popcat Profit Calculator
In simpler terms, there were groups of potential selling points near the prices of $1.11 and $1.3 in these regions. If these price points are reached, it’s possible that the price of the meme coin could drop due to these liquidity pools. However, once those price points are surpassed, there might be a change in direction for the coin’s price.
This could establish a short-term range for the memecoin.
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2024-10-11 08:07