POPCAT Price Crash Imminent, Time to Exit or What?

The favored Solana-based meme coin, Popcat (POPCAT), is poised for a notable worth drop because it exhibits bearish worth motion on the day by day timeframe. The meme token has obtained a number of consideration from crypto fans in latest days resulting from its spectacular efficiency.

POPCAT technical evaluation and upcoming ranges

In response to CoinPedia’s technical evaluation, POPCAT has fashioned a bearish head-and-shoulders worth motion sample on its day by day timeframe. This hypothesis follows as we speak’s notable worth drop of seven.5% from a earlier stage, which now seems to type the primary shoulder of the H&S sample.

Based mostly on the latest worth motion, the sample shall be efficiently confirmed if POPCAT experiences one other worth drop and reaches the $1.2 stage. In response to the meme coin’s day by day chart, $1.15 seems to be the neckline of the H&S sample. If POPCAT crosses this stage and closes a day by day candle under it, there’s a good probability that the coin may fall by greater than 20% within the coming days.

Nonetheless, this bearish assertion solely holds true if POPCAT closes a day by day candle under the $1.15 stage, in any other case it will likely be voided.

Bearish on-chain metrics

On-chain metrics additional help POPCAT’s detrimental outlook. In response to the on-chain analytics firm Mint glassPOPCAT’s Lengthy/Brief ratio at the moment stands at 0.92, indicating sturdy bearish sentiment amongst merchants. Moreover, open curiosity has fallen 7.9% within the final 24 hours and three.5% within the final 4 hours.

This drop within the meme coin’s open curiosity suggests merchants are exiting their positions or going through potential liquidation as a result of continued worth decline.

Combining these on-chain metrics with technical evaluation, it seems that bears are at the moment dominating the asset and will drive the worth decline within the coming days.

POPCAT’s present worth momentum

On the time of writing, POPCAT is buying and selling round $1.28 and has skilled a worth drop of over 7% within the final 24 hours. Throughout the identical interval, buying and selling quantity fell by 40%, indicating decrease investor and dealer participation, possible as a result of formation of bearish worth motion.