POPCAT's price could decline by 15%, potentially hitting the $0.78 level due to the formation of a bearish candlestick on the daily chart...
, the Solana-based memecoin, may be poised for a significant price decline as its daily chart and on-chain metrics flashed a bearish signal. Over the past few days, POPCAT has surged by more than 100%.
However, it now appears that traders and investors might be booking profits, resulting in the formation of a bearish pattern.At press time, POPCAT was trading near $0.91 following a price decline of over 8% in the last 24 hours. Meanwhile, its trading volume dropped by 20% during the same period, indicating fear of further price drop in the coming days.
However, the memecoin’s Relative Strength Index , at press time, was in an overbought area, signaling a potential price reversal.long/short ratio stood at 0.91 – Its lowest since the beginning of September 2024. This implied strong bearish sentiment among traders.Additionally, POPCAT’s Futures Open Interest has remained unchanged over the past 24 hours, indicating that no new positions are being built or liquidated. This underlined a neutral signal for the popular memecoin.
At the time of writing, 52.16% of top traders held short positions, while 47.84% held long positions. These on-chain metrics and technical analysis suggested that bears are currently dominating the asset. This could lead to further price declines in the coming days.Chanakya G is an analyst with 4 years of experience looking at the crypto-markets. His primary field of interest is the Altcoin market and its correlation with Bitcoin, and how that dynamic affects the larger sector.
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