A Drop to the Support Level at $0.38
POPCAT may face an additional 42% drop, potentially reaching the critical support level at $0.38. However, this bearish scenario will only hold if the daily candle closes below the crucial $0.70 level. On-chain data revealed that exchanges recorded an inflow of nearly $1 million worth of POPCAT tokens, indicating potential selling pressure.
POPCAT's Current Market Situation
The broader cryptocurrency market is struggling after a significant price drop yesterday. POPCAT has been particularly impacted, losing more than 22% of its value in a single day. The failure to maintain a critical support level suggests further downward movement.
Technical Analysis and Key Levels
Technical analysis reveals that POPCAT has broken down from a consolidation zone that ranged between $0.70 and $0.83. This zone served as a key support level, but its breakdown signals strong bearish momentum.
Key Support Level: $0.70
Next Support Level: $0.38
Current Price: Below the lower end of the consolidation zone
If the daily candle closes below $0.70, the price is expected to decline further to $0.38, marking a 42% drop. Additionally, POPCAT is trading below the 200-day Exponential Moving Average (EMA), confirming the prevailing bearish trend.
Impact on Long-Term Holders
The bearish market sentiment has prompted long-term holders to move their tokens to exchanges, indicating heightened selling pressure. According to data from the analytics firm Coinglass, exchanges have recorded an inflow of nearly $1 million worth of POPCAT tokens, increasing the likelihood of further price declines.
Trading Volume and Current Status
Despite the price drop of over 18% in the last 24 hours, trading volume has surged by 21%. This increase reflects growing trader interest in the asset, even though its bearish outlook remains unchanged.
Current Price: $0.65
24-Hour Price Change: -18%
Trading Volume Increase: +21%
Conclusion
If POPCAT remains below the $0.70 level, there is a strong likelihood of its price dropping further to the $0.38 level. While the situation indicates elevated market activity, traders should exercise caution given the persistent bearish outlook.
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