Popcat (SOL)

Date: Thu, Dec 19, 2024, 06:36 PM GMTThe cryptocurrency market is experiencing a sharp pullback, with Bitcoin (BTC) leading the downturn. BTC dropped 5% today, falling to $98,000 after recently hitting an all-time high of $108,000. This dip follows heightened market uncertainty stemming from the latest Federal Reserve meeting.This widespread bearish sentiment has impacted altcoins and memecoins, including Solana-based Popcat (POPCAT). POPCAT has suffered a 22% decline in the past 24 hours, bringing its monthly loss to near 60%.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f430b318333945ecbe599538cb4e47d5.png" />Source: Coinmarketcap<h3 id="hits-long-term-support">Hits Long-Term Support</h3>Following the sharp 66% correction that dragged POPCAT down from its all-time high of $2.08 to today’s low of $0.70, the memecoin has now retraced to a key long-term ascending support trendline around the $0.70 mark.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/b0d54694abf04c25b226c4caa3040b46.png" />This trendline has historically acted as a crucial support during previous corrections, preventing deeper declines and serving as a springboard for price reversals. POPCAT has shown a repeated pattern of experiencing significant corrections of over 50% after reaching new all-time highs, followed by rebounds leading to new highs.Currently trading at $0.74, POPCAT is showing early signs of stabilization at this critical level, raising questions about whether this support will once again serve as the foundation for a recovery.<h3 id="what-s-ahead">What’s Ahead?</h3>As of now, POPCAT is showing signs of resilience, trading at $0.74, slightly above the long-term support level.<ul><li>If the support holds, a recovery rally could follow, potentially leading to new highs based on past trends.</li><li>However, failure to hold this level may result in further downside, with the next support target near $0.60.</li></ul>With the market deeply oversold, as suggested by the RSI at 24.22, there is a strong possibility of a rebound if buying interest returns at these levels.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/sei-and-sushi-price-action-highlights-reversal-potential-what-to-expect-next-analyst-insights/" rel="noopener noreferrer nofollow">SEI and SUSHI Price Action Highlights Reversal Potential: What to Expect Next – Analyst Insights</a>

POPCAT Hits Key Long-Term Support Following Major Correction: What's Ahead?

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