- Popcat has seen an increase in volatility, which could be good for traders on lower timeframes.
- It is possible to win the game soon if you follow technical indicators.
Popcat [POPCAT] It was just about to surpass a resistance zone that was also an area of fair value. Weighted sentiment in the on-chain metrics was negative. However, traders could have some profitable days if popcat keeps trending higher.
A lot of positions were liquidated in July due to the recent volatility. The short-term outlook remains bullish despite Bitcoin’s resistance at $60,000.
This is a good time to bid if you are a late buyer
A set of Fibonacci levels was plotted based on the rally that occurred in late June. POPCAT has been volatile in recent weeks, and they have retested the levels of 61.8% at $0.403 as well as nearly testing the level of 78.6%.
A fair-value gap was left on the 12-hour chart by the price drop that occurred the third of July. (White box) This area was expected to act as resistance for the bulls and it could be a rebuff.
The OBV, however, was still trending upwards despite recent price retracements. CMF also rose above +0.05, indicating strong capital inflows.
The RSI was also reading 58 and indicated the likelihood of the meme coin breaking out beyond the $0.59 barrier.
The exchange flow and the sentiment of the market
In the past 2 weeks, sentiment weighted has consistently been negative. Over the last 24 hours, price fluctuations have increased.
The daily RSI reached 62 and, together with the RSI at 62 on a weekly basis, it indicated that scalpers can go long in order to ride this upward trend and make profits.
The netflow spot chart shows that even though prices slowly increased, the POPCAT was not overwhelmingly deposited on exchanges.
It meant that there was a possibility of a price rally continuing and the selling pressure would not be a major obstacle.
Click Here to Read Popcat’s [POPCAT] Price Prediction 2024-25
Since the 26th June, both short and long positions have been decimated. Keep an eye out for this chart if the token crosses $0.6.
Scalp traders may be able to profit from a sudden price spike caused by a flurry short liquidations.
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Source: ambcrypto.com