POPCAT Price Slips Below $0.65, 50% Crash Imminent?

Amid the continuing market crash, Popcat (POPCAT), the favored Solana-based meme coin, has misplaced its momentum and is poised for a large worth drop within the close to future. On the time of writing, the general cryptocurrency market is experiencing a downturn, with high property akin to Bitcoin (BTC), Ethereum (ETH), and others experiencing vital worth drops.

POPCAT worth momentum

This worth drop has shifted market sentiment in direction of a bearish development for POPCAT because it failed to carry the essential help degree at $0.70, which it has held for nearly three weeks. Presently, POPCAT is buying and selling beneath the $0.65 degree, after falling over 17.5% previously 24 hours.

This vital worth drop and incapability to realize essential help has caught the eye of buyers and merchants. It seems like they’re promoting their positions or constructing quick positions because the meme coin is exhibiting bearish momentum. This exercise has led to a 22% improve in buying and selling quantity over the identical interval.

Technical glitch alerts 50% crash

In response to knowledgeable technical evaluation, the current crash has prompted POPCAT not solely to interrupt an important help degree, but in addition to interrupt a long-term consolidation zone that had shaped round this help.

Primarily based on the current worth motion, after the collapse, there’s a excessive chance that the value may fall by 50% and attain the $0.315 mark sooner or later as there is no such thing as a vital help between these ranges to halt the decline shout.

Whale strikes improve bearish stress

This bearish outlook has raised issues amongst long-term holders, resulting in a major sell-off on the inventory exchanges, as reported by the on-chain analytics agency Mint glass. Spot influx/outflow knowledge exhibits that exchanges have recorded POPCAT inflows price over $1 million.

Within the cryptocurrency panorama, the inflows point out that long-term holders have moved their property from wallets to exchanges, which may create promoting stress and probably result in additional worth declines.