POPCAT Recent Performance
The Solana-based meme coin, Popcat (POPCAT), has garnered substantial attention due to its impressive price surge of over 100% in recent days. However, a shift in sentiment points towards a potential downtrend. Currently, the coin is trading near $0.95, experiencing a notable decline of over 10% in the past 24 hours. During the same timeframe, POPCAT’s trading volume has also decreased by 19%, suggesting lower participation from traders who may be wary of a potential price crash.
POPCAT Technical Analysis and Upcoming Levels
Expert technical analysis reveals a bearish trend for POPCAT as it has broken the low of the past two days with a significant red candle at the $1 resistance level. This bearish signal indicates potential selling pressure. Based on historical price movement, if the meme coin closes its daily candle below the $0.95 mark, there is a strong likelihood that POPCAT could drop by 15%, reaching the $0.80 level in the coming days.
Bearish On-Chain Metrics
The negative outlook is further corroborated by on-chain metrics, including the long/short ratio and future open interest. According to the on-chain analytics firm Coinglass, POPCAT’s Long/Short ratio currently stands at 0.933, indicating a bearish sentiment among traders. Additionally, its future open interest has declined by 7.5% in the last 24 hours and has been on a steady decline. This reduction in open interest suggests the liquidation of higher long positions due to the substantial price drop in the past 24 hours. Presently, 51.72% of top traders hold short positions, while 48.28% hold long positions.
In conclusion, while POPCAT has shown remarkable performance recently, the current bearish patterns and on-chain metrics indicate a potential price decline in the near future. Traders and investors should remain cautious and closely monitor the market for any further developments.
