POPCAT faces resistance at $0.40

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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• After rejecting at the $0.92 horizontal resistance, POPCAT has essentially been down only since.
• Price has continually broken down from key horizontal supports and then flipped those into resistances that it hasn't been able to reclaim.
• Price is now down approximately 90% from the highs and price has moved into some of the last horizontal supports. $0.15 and $0.23. Currently at $0.23.
• Price has also fallen below the Yellow Box, something we perhaps didn't expect to happen, but again, we've been directionally correct.
• $0.40 is the next major horizontal resistance. However, the price is currently a long way below that level.
• The RSI is oversold, but it's still beneath its moving average and downtrending. So, for now, there aren't signs of an imminent breakout.

• Next Support: $0.015
• Next Resistance: $0.40
• Direction: Neutral/Bearish
• Upside Target: $0.40
• Downside Target: $0.15

Cryptonary's take

For now, it's best to remain patient with POPCAT and see where it bottoms. It's likely we'll build a base of support between $0.15 and $0.23. We'll then be looking for a reclaim of $0.30 for signs of a breakout. In the immediate term, we're just expecting the price to be range-bound, and we have little interest in playing it at that point.

However, when there are signs of the market turning around, POPCAT (and WIF) might become really interesting setups (Longs) again.