- POPCAT declined by 16.4% in the last 24 hours.
- With sellers dominating the market, downward pressure has persisted, risking a dip to a 2-month low.
With altcoins plummeting over the past 24 hours, memecoins, too, have not been spared. Among the hardest hit is Popcat [POPCAT] a Solana [SOL]-based memecoin.
As such, Popcat has experienced a decline over the past three days.
After hitting a high of $1.6, Popcat has experienced a sustained downward pressure, hitting a low of $0.98.
In fact, at the time of writing, Popcat was trading at $1.17 after a 16.40% decline on daily charts. Also, the memecoin has declined on weekly and monthly charts, dipping by 8.53% and 18.62% respectively.
With a strong downward pressure, the current market conditions could see the memecoin decline further.
Popcat sees sell pressure
According to AMBCrypto’s analysis, Popcat was currently experiencing strong downward pressure amidst increased selling pressure at press time.
Source: TradingView
Popcat made a bearish crossover on its Relative Strength Index (RSI) over the past 24 hours. This bearishness arises from sustained selling pressure as investors attempt to sell and avoid further losses.
With sellers dominating the market, it suggests their lack of confidence in the market and anticipate further price decline.
Source: Coinglass
This phenomenon is further evidenced by the fact that most investors are taking short positions. According to the Long/Short Ratio, short investors are dominating the market with 52% of the total positions.
This implies that most traders are bearish and expect prices to decline.
Source: Santiment
Additionally, Popcat’s Open Interest per Exchange has declined from $119.9 million to $74.5 million over the past three days.
Such a drop implies that investors are closing their positions to avoid further losses, while new entrants are avoiding entering the market.
Source: Coinglass
With total liquidations for long position holders hitting $6 million over the past day and the market forcing investors out of their positions, bearish sentiment among most investors remained prominent.
Read Popcat’s [POPCAT] Price Prediction 2024–2025
Amidst increased selling pressure, Popcat could see more decline on its price charts.
If this sentiment holds, Popcat risks declining to a 2-month low of $0.90. A breach below this level will see the memecoin drop to $0.86. Consequently, a trend reversal will see the memecoin bounce back to $1.3.
