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Published: September 29, 2024
- POPCAT’s long/short ratio, at press time, stood at 0.91, showing strong bearish belief
- On-chain metrics and technical analysis recommended that bears are controling POPCAT
POPCAT, the Solana-based memecoin, might be poised for a substantial cost decrease as its day-to-day chart and on-chain metrics flashed a bearish signal. Over the previous couple of days, POPCAT has actually risen by more than 100%.
It now appears that traders and financiers may be reserving revenues, resulting in the development of a bearish pattern.
POPCAT’s rate momentum
At press time, POPCAT was trading near $0.91 following a cost decrease of over 8% in the last 24 hours. Its trading volume dropped by 20% throughout the very same duration, suggesting worry of more cost drop in the coming days.
Technical analysis and crucial levels
According to AMBCrypto’s technical analysis, POPCAT appeared bearish as it just recently broke down from 2 days of debt consolidation at the resistance level of $1 with a big red candle light. In technical analysis, a combination breakout at the resistance level is thought about a bearish signal.
Based upon its current cost action, there is a likelihood that POPCAT’s rate might decrease by 15% to strike the $0.78 level in the coming days.
The memecoin’s Relative Strength Index (RSI), at press time, was in an overbought location, indicating a possible rate turnaround.
Bearish on-chain metrics
In addition to the cost action, POPCAT’s on-chain metrics even more supported this unfavorable outlook. According to the on-chain analytics firm Coinglass, POPCAT’s long/short ratio stood at 0.91– Its most affordable given that the start of September 2024. This indicated strong bearish belief amongst traders.
In addition, POPCAT’s Futures Open Interest has actually stayed the same over the previous 24 hours, suggesting that no brand-new positions are being developed or liquidated. This highlighted a neutral signal for the popular memecoin.
At the time of composing, 52.16% of leading traders held brief positions, while 47.84% held long positions. These on-chain metrics and technical analysis recommended that bears are presently controling the property. This might result in additional cost decreases in the coming days.