CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
crypto.news 2024-12-27 14:19:20

Popcat price forms risky pattern as Solana meme coin loses share

Popcat, a Solana meme coin that has soared by over 4,400% in 2024, is losing market share as its token plunges. Popcat ( POPCAT ) price has plunged by over 62% from its highest level this year, pushing its market cap to $762 million. It has moved from being the second-biggest Solana meme coin into the sixth after being passed by Pudgy Penguins, Dogwifhat, Fartcoin, and ai16z. Popcat price has crashed as smart money investors continued selling their holdings. According to Nansen, the number of smart money investors holding the token has dropped from over 70 to 30. Tokens held by these investors have also moved from 2.10 billion in May to 2.07 billion today. Popcat smart money investors | Source: Nansen There are also signs that the number of Popcat tokens on exchanges has continued rising, a sign that investors are selling. These tokens have risen by 2.77% in the last seven days to over 248.32 million. A likely reason for this plunge is that the Solana meme coin industry has been very vibrant, with new tokens regularly going viral. The most recent of them was Pudgy Penguins , which has become the second-biggest Solana meme coin. Before that, there was Peanut the Squirrel, Goatseus Maximus, and Moo Deng. You might also like: National Bank of Cambodia to allow banks to process cryptocurrencies for the first time Popcat price has formed bearish patterns Popcat price chart | Source: crypto.news The daily chart shows that the POPCAT token has formed numerous bearish patterns, pointing to further drops. It formed a head-and-shoulders pattern with a neckline at $1.900, which it moved below on December 14. The 50-day and 100-day moving averages have formed a bearish crossover, which is often seen as a mini-death cross. Popcat price has also formed a bearish pennant pattern that is made of a long vertical line and a symmetrical triangle pattern. This pattern usually leads to a bearish continuation. Popcat has also moved to the 61.8% retracement level. Therefore, the token’s outlook is bearish, with the next target to watch being at the 78.6% retracement point at $0.4470, which is about 42% below the current level. You might also like: VIRTUAL price surged in 2024, but faces potential risks in 2025

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta