- This bearish thesis will only hold if it closes a daily candle below the $0.70 level.
- On-chain metrics revealed that exchanges saw an influx of POPCAT worth almost $1 million..
Popcat (POPCAT) is poised to continue its bearish momentum due to bearish price action forming.
The overall cryptocurrency market is struggling following yesterday’s price crash, and in this environment, POPCAT has been hit hard, experiencing a price drop of over 22% in one day. He failed to maintain a crucial level of support.
POPCAT Technical Analysis and Key Levels
Based on technical analysis from AMBCrypto, POPCAT broke out of an extended consolidation zone between $0.70 and $0.83, which it had formed at the crucial support level of $0.70.
Following this outage, the daily chart of memecoin indicates significant bearish momentum in the future.
Source: TradingView
POPCAT Price Prediction
At the time of writing, memecoin was trading below the lower level of the consolidation zone.
Based on recent price action, if memecoin closes its daily candle below the $0.70 mark, it is highly possible that it could fall another 42% to reach its next support level at the $0.38 mark.
In addition to this, POPCAT is trading below the 200 exponential moving average (EMA) on the daily time frame, which clearly shows that the memecoin has moved into a downtrend and is now bearish.
POPCAT’s bearish thesis will only hold if it closes a daily candle below the $0.70 level, otherwise it may fail.
Analyze trade flows
This breakup and POPCAT market sentiment sparked fear among long-term holders, prompting them to dump their holdings on exchanges, as reported by on-chain analytics firm Coinglass.
Data from Spot Inflow/Outflow revealed that exchanges saw an influx of POPCAT worth almost $1 million.
Source: Coinglass
In the cryptocurrency landscape, inflow refers to the movement of assets from long-term holders’ wallets onto exchanges, indicating selling pressure. This data further suggests a potential price decline and more sell-offs.
With this metric and technical analysis, it appears that bears are currently dominating the asset, which could support further price declines in the coming days.
Read Popcat (POPCAT) Price Prediction 2024-2025
At the time of writing, POPCAT was trading at almost $0.65 and saw a price drop of over 18% in the last 24 hours.
However, during the same period, its trading volume jumped 21%, indicating increased participation from traders and investors amid bearish conditions.
