POPCAT falls by 10% as liquidity suffers – New ATH still within reach?
The post POPCAT falls by 10% as liquidity suffers – New ATH still within reach? appeared on BitcoinEthereumNews.com.
POPCAT has fallen by over 10% over the past week, resulting in a healthy shakeout of weak hands However, a significant roadblock is still acting as resistance on the charts Solana-based memecoin Popcat [POPCAT] started October strong, nearing a new ATH of $1.5 in the first two weeks. However, a sharp weekly drop of over 10% pulled it back to the $1.20 range. Surprisingly, this pullback aligned with Bitcoin’s surge past the $66k ceiling, a move that typically drives liquidity into high-cap memecoins. However, despite POPCAT’s $1 billion market cap, it failed to gain traction. As a result, analysts at AMBCrypto are questioning whether this correction was a strategic shakeout of weak hands, potentially setting up POPCAT for another ATH attempt. THIS might prevent POPCAT from reaching a new ATH Unlike early October, when Bitcoin saw a modest 2% hike over three days, pushing it to around $62k, this volatility sparked significant interest in newer memecoins that offered greater return potential. Among them, POPCAT stood out, posting daily gains exceeding 10% and reaching a new ATH of $1.5. However, with Bitcoin regaining bullish momentum and now trading around $67k, traditional memecoins reasserted their dominance. By doing so, they pushed newer coins to concede defeat, as illustrated by this chart. A decline in trading volume further reinforced this trend, dropping from a peak of $800 million to $500 million – Contributing to POPCAT’s recent 10% drop. Source : Coinglass In the past week, liquidity has flowed into older memecoins as Bitcoin holders redistributed their profits, resulting in liquidity outflows for POPCAT. Nonetheless, it’s important to note that this recent decline might be a temporary blip, rather than a consistent trend in every bull cycle. Additionally, the price drop came after a surge in whale purchases of POPCAT. This indicated that the…
Filed under: News - @ October 19, 2024 5:05 am