- Popcat was signaling a potential reversal to the upside as market sentiment turned positive.
- The memecoin could dip to a 5-month low if it fails to hold above $0.55.
For approximately two weeks now, after reaching $0.98, Popcat [POPCAT] has been under significant selling pressure. During this time, the memecoin plunged to a recent low of $0.49. Yet, over the past day, Popcat seems to be hinting at a possible change in direction.
At the time of writing, Popcat was trading at $0.5581, marking a 2.29% increase over the past day.
Prior to these advancements, the meme coin was experiencing a decline, with a drop of 30.56% over the course of a week as shown in weekly charts, and a more significant decrease of 49.66% when compared on a monthly basis.
As the memecoin sees a steady increase on its day-to-day graphs, it’s worth pondering if Popcat will be able to maintain this upward trajectory without incurring additional losses.
What Popcat’s charts suggest
Based on AMBCrypto’s evaluation, it appears that the selling pressure for Popcat is easing off, with more investors stepping in to buy.
As a result, upward momentum is starting to build, and market sentiment has turned positive.
48 hours ago, AMBCrypto noticed an upward momentum indicated by a bullish crossover. Furthermore, the Stochastic RSI suggests a crossover happening now, implying that the ongoing trend might be starting to lose steam.
It’s supported by the observation that the ADR (Average Daily Return) not only stays over 1 but also climbs up to 1.37. An ADR exceeding 1 typically indicates that daily gains are beginning to overpower losses, suggesting a rise in capital investment.
Reflecting on recent developments, I’ve noticed a shift in the market sentiment towards Popcat over the past two days, moving from negative to positive. This change occurred about 48 hours ago.
This indicates that an increasing number of market players view the memecoin favorably, anticipating a possible turnaround.
Currently, there’s a significant increase in requests for long positions on Popcat. Interestingly, those holding long positions account for approximately 51% of the entire market share.
When longs dominate, it suggests that most investors are bullish and expect price gains.
As a crypto investor, I can confidently say that the sustained positive Funding Rate across exchanges serves as a strong indicator of the current market sentiment. Over the past week, this rate has consistently remained in the positive zone, suggesting that traders are willing to pay fees to keep their trades active during market downturns. This indicates a bullish outlook and reinforces my belief in the resilience of the crypto market.
Read Popcat’s [POPCAT] Price Prediction 2024–2025
As optimistic feelings are rising within the market, it’s crucial for Popcat to maintain its position above the $0.55 mark as a key support level. If this level is maintained, the memecoin could make an effort to retake its previous level of $0.82.
However, a breach below this level will push prices down to $0.43.
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2025-01-15 08:07