The post POPCAT bears eye $1.2 support as momentum weakens: What’s next? appeared on BitcoinEthereumNews.com.

Popcat has surged by 41.8% in 30 days. The memecoin seemed to be losing momentum, with bears attempting to gain control. Over the past month, memecoins have made significant gains. As such, Popcat [POPCAT] has remained a top gainer over the past 30 days. In fact, at the time of writing, Popcat was trading at $1.47. This marked a 10.60% increase over the past week, with the memecoin gaining by 41.80% on monthly charts. However, the past 48 hours have seen a strong downside, with the memecoin dropping from $1.68 to $1.47. This was a 12.5% decline in the past 2 days. This strong downside suggests a potential shift in market sentiment. Thus, the question is now rises – Is Popcat losing upward momentum? According to AMBCrypto’s analysis, Popcat seemed to be losing its current momentum. Source: TradingView Notably, the memecoin’s Directional Movement Index (DMI), the downtrend trend was gaining strength. In fact, the negative index -DI at 35.4 sat above +DI at 23, showing that sellers were starting to dominate, causing prices to either drop or stagnate. When the DMI is set like this, it signals that the market is either in a downtrend or entering one. Additionally, Popcat’s Relative Strength Index has declined from 65 to 57. In the meantime, its MA — at 59 — rose. Thus, the current momentum appeared to be weakening, and a reversal might be looming. Source: TradingView Another market indicator to consider is the Advance decline Ratio (ADR). This metric has remained below 1 for the past two days to settle at 0.71. When ADR falls below 1, it indicates that there are more losses than recent gains. This is usually a sign of bearish sentiment, indicating bears are starting to dominate. Source: Coinglass This shift in market sentiment is further evidenced…

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Filed under: News - @ October 26, 2024 11:02 pm