POPCAT Rally at Risk, Will Price drops to $1.4?

With spectacular efficiency, the favored Solana-based meme coin Popcat (POPCAT) has been making waves within the cryptocurrency trade. Nonetheless, regardless of the robust efficiency over the previous 30 days, the present value motion seems bearish and indicators a possible value reversal.

POPCAT technical evaluation and upcoming ranges

In keeping with skilled technical evaluation, POPCAT moved inside a bullish channel sample whereas making increased highs and decrease lows. Following the latest value surge, the meme coin has reached the higher restrict of the channel, the place value reversals have traditionally occurred.

Since early October 2024, POPCAT has reached this stage a number of occasions, every time seeing notable promoting strain and value declines. The same value motion has emerged once more.

Primarily based on the historic value momentum, if the POPCAT value stays under the USD 1.755 stage, there’s a robust risk that it may decline by 18% and attain the USD 1.4 stage within the coming days.

The POPCAT value decline theorem will solely maintain if the worth stays under the $1.755 stage, in any other case it could fail.

Bullish on-chain metrics

Regardless of the damaging value motion, POPCAT’s on-chain metrics level to a bullish outlook. In keeping with on-chain analytics agency Coinglass, POPCAT’s Lengthy/Quick ratio presently stands at 1.076, reflecting robust bullish sentiment amongst merchants.

Moreover, open curiosity has elevated by 23% within the final 24 hours, indicating rising curiosity from merchants and the development of latest positions.

Merchants and traders usually contemplate rising open curiosity and a Lengthy/Quick ratio above 1 as helpful when constructing lengthy positions. Presently, 52% of high merchants have lengthy positions, whereas 48% have quick positions.

Present value momentum

On the time of writing, POPCAT is buying and selling round $1.72 and has skilled a value enhance of over 14% within the final 24 hours. Throughout the identical interval, buying and selling quantity elevated by 26%, indicating better participation from merchants and traders amid bullish market sentiment.