Assessment of Why POPCAT Should Expect a 15% Price Drop
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Contributor
Posted:
- POPCAT’s long/short ratio currently stands at 0.91, reflecting heightened bearish sentiment.
- An analysis of on-chain metrics and technical indicators suggests that the bearish trend in POPCAT is prevailing.
The Solana-based memecoin, POPCAT, appears to be preparing for a significant correction as its daily chart and on-chain metrics are signaling bearish trends. Recently, POPCAT experienced a surge exceeding 100%. However, it seems traders are now securing profits which has led to the emergence of a bearish pattern.
POPCAT Price Dynamics
Currently, POPCAT is trading near $0.91 following an over 8% decline within the last 24 hours. Furthermore, trading volumes have reduced by 20% in this timeframe suggesting apprehension about potential further drops.
Technical Analysis and Key Levels
A recent analysis from AskFX indicates that POPCAT has adopted a bearish outlook after breaking down from a two-day consolidation phase at the $1 resistance level marked by a notable red candle. A consolidation breakdown at such levels typically signals impending declines.
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Source: TradingView.
Based on current market movements,
analysts anticipate that POPCAT may experience a drop of up to
15% over the upcoming days potentially reaching around $0.78.
At present,
indicators highlight an overbought condition with the Relative Strength Index suggesting possible price correction ahead.
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Bearish On-chain Metrics h2 >
In conjunction with price patterns,
data from
on-chain metrics reinforces this pessimistic projection.
According to Coinglass,
which specializes in providing blockchain analytics,
POPCAT’s long/short ratio has fallen to
its lowest levels since September 2024 recording at
significantly low values indicating pronounced bearish sentiment among traders.
Shares backed by this data suggest minimal bullish positions presently held by market participants like you!
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Source: Coinglass
(Updated). Over last day’s movements across futures markets alongside open interest numbers remained stable signifying hesitance from investors concerning fresh position entries or liquidations leading toward neutrality around these sentiments enveloping assets valued into this Memecoin mini-universe! Given current distribution reports revealing approximately
**52%** accounted for shorts compared against only **48%** belonging within long-standing engagements –
present analytics suggest pressure likely persists into prospective dives further lowering valuation compared alongside historical measures thereafter unwound euphoria subsiding later surely downward^PAIR!)
Here’s hoping happy trades!
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