Date: Wed, Jan 08, 2025, 10:44 AM GMT
The cryptocurrency market has experienced a significant downturn over the past 24 hours, with Bitcoin (BTC) falling over 5%, causing liquidations totaling $711 million, according to Coinglass. Alongside this, BTC dominance has risen to 58% from yesterday's low of 57.52%.This increased dominance has intensified the selling pressure on altcoins and memecoins, including Solana-based Popcat (POPCAT), which has seen a sharp decline.

Source: Coinmarketcap
POPCAT Hits Long-Term Support
After a steep 68% correction from its all-time high of $2.08, POPCAT has retraced to its current price of $0.66. This drop has brought the token to a key long-term ascending support trendline that has historically provided robust support during previous corrections.

POPCAT 1D Chart/ Coinsprobe (Source: Tradingview)The attached chart illustrates how this trendline has acted as a critical level during earlier significant downturns, cushioning the price from deeper losses and serving as a launchpad for bullish recoveries.
POPCAT has repeatedly followed a pattern of severe corrections, often exceeding 50% after achieving new all-time highs, only to rebound and establish fresh highs.
Currently, at $0.66, POPCAT appears to be stabilizing at this pivotal support, sparking speculation about whether history will repeat itself with another recovery from this level.
What Lies Ahead for POPCAT?
POPCAT is now showing initial signs of resilience at the long-term ascending support. If this support holds firm, there is potential for a recovery rally. Based on historical trends, such rebounds could lead to significant upward momentum, with the next key resistance levels lying around $0.97 and $1.58.
However, if the support fails to hold, further downside could be expected, with the next critical support zone identified near $0.49.
Technical indicators like the MACD are beginning to show signs of a potential reversal. The histogram has started to turn less negative, signaling a possible shift in momentum. Meanwhile, the RSI is hovering near oversold levels at 31, suggesting that selling pressure might be nearing exhaustion, which could pave the way for a bounceback.
Conclusion
POPCAT's long-term trendline support presents an intriguing opportunity for bulls, but caution remains essential. While the token's history points toward potential rebounds from similar levels, market sentiment and external factors like Bitcoin’s performance will likely play a decisive role in its next move.
Get more updates on: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
#POPCAT #NFA

Popcat [POPCAT], the popular Solana [SOL]-based memecoin, appears to be shifting its market sentiment due to its current price action on the daily timeframe.
This shift comes as the memecoin reflects broader sentiment changes across the cryptocurrency landscape, where top assets like Ripple [XRP], Solana, and Cardano [ADA] have witnessed notable gains.
POPCAT’s bullish on-chain metrics 
Since December 2024, POPCAT has experienced a significant price decline of over 65%. Despite this drop, investors have shown strong interest and confidence, as they appear to be accumulating the token, according to the on-chain analytics firm Coinglass.

Data from POPCAT’s Spot Inflow/Outflow metric revealed that exchanges witnessed a significant outflow of $1.69 million worth of POPCAT in the past 24 hours.
Spot Inflow/Outflow refers to the movement of tokens between exchanges and wallets, providing insights into investor sentiment.

Source: Coinglass
This metric indicates that long-term holders have moved the tokens from exchanges to their wallets, potentially signaling accumulation. In the cryptocurrency landscape, outflow is often seen as a sign of a potential buying opportunity and possible upside momentum.
Traders’ rising interest 
As long-term holders show confidence, traders are also increasing their interest in POPCAT, with open interest rising significantly in the past 24 hours.
According to Coinglass data, POPCAT’s Open Interest has surged by 8.7% in the past 24 hours. At press time, the Long/Short Ratio stood at 1.126, indicating bullish sentiment among traders. 
Data reveals that 52.97% of top traders currently hold long positions, while 47.03% hold short positions.
Combining these on-chain metrics, it appears that bulls are currently dominating the asset, which could help the memecoin reach its predicted target in the future.
POPCAT technical analysis and key levels
According to Lachakari technical analysis, POPCAT has recently broken out of a prolonged consolidation zone and established a crucial support level at $0.70.
Additionally, POPCAT has not only experienced a breakout but has also closed a daily candle above the narrow zone, indicating a bullish signal.

Source: TradingView
Based on the technical analysis, there is a strong possibility that the memecoin could soar by 25%, reaching the $1.20 level in the future. Currently, indicators like the Relative Strength Index (RSI) were well below the overbought zone, suggesting a potential upside rally.
At press time, POPCAT was trading near $0.86 and has experienced an upside momentum of over 5.35% in the past 24 hours.
During the same period, its trading volume surged by 7%, indicating increased participation from traders and investors compared to the previous day.
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