- Popcat drops 16% in 24 hours amid strong selling pressure and bearish market sentiment.
- The RSI shows bearish crossover, while short positions dominate the market with 52% of trades.
- Further decline to $0.90 possible, but a reversal to $1.3 remains a potential outcome.
Popcat (POPCAT) has seen a significant decline over the past 24 hours. The coin has dropped by 16.40%, leaving many traders concerned. After reaching a high of $1.6, Popcat has faced a strong downward trend, hitting a low of $0.98. The bearish pressure is building, and investors are left questioning whether this decline will continue or if a reversal is in store.
Selling Pressure Mounts on Popcat
The technical indicators suggest that Popcat is currently under significant selling pressure. The Relative Strength Index (RSI) recently made a bearish crossover, signaling that the momentum has shifted in favor of the bears. This pattern indicates that sellers are in control of the market, with traders eager to exit positions to minimize potential losses. Moreover, short positions are now dominating the market, with 52% of total positions betting on further declines.
This trend reflects growing pessimism among investors, as most seem to expect the price to continue falling. Additionally, Popcat’s Open Interest per Exchange has dropped sharply over the past three days, from $119.9 million to $74.5 million. This decline suggests that many investors are closing their positions, further fueling the downward trend. New investors are also avoiding the market, fearing further losses.
What’s Next for Popcat?
As the sell pressure continues, Popcat could see more declines in the short term. If the current trend persists, the coin could fall to a two-month low of $0.90. A breach of this level could lead to an even further drop, with $0.86 as the next potential support level.
However, it’s not all doom and gloom for POPCAT. If the sentiment shifts and buyers step back in, there’s a possibility for a price reversal. In that case, the memecoin could bounce back to $1.3. Meanwhile, the market is dominated by bearish sentiment, with most traders taking short positions.
For now, this suggests that the pressure is far from over. However, the next few days will be crucial in determining whether Popcat can recover or if the downward trend will continue. Traders should remain cautious as the situation unfolds.
The post POPCAT Plummets 16% in 24 Hours: Bearish Pressure Building? appeared first on Crypto News Land.
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