POPCAT struggles after 50% drop from $0.72

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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• It's a really brutal pullback and just very small periods of relief that haven't ended up mounting too much.
• POPCAT had a brief attempt at breaking out from the downtrend line, but the price rejected into the horizontal level of $0.72 and has since pulled back 50%.
• Having lost a number of key horizontal supports, the price has now pulled back to its Yellow box. If this box is lost, then the horizontal level of $0.23 is on the cards.
• The RSI is close to oversold territory, and it is now putting in its second bullish divergence. If the price can flatten out here (form a rounded bottom), that might be enough for the price to then see a more substantial bounce.

• Next Support: $0.30
• Next Resistance: $0.40
• Direction: Neutral/Bearish
• Upside Target: $0.60
• Downside Target: $0.23

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Cryptonary's take

POPCAT is going to need real risk-on appetite to return in order to see a more substantial bounce. Now that a second bullish divergence is forming close to oversold territory, this is setting up some of the conditions needed for a more substantial bounce to happen. Like WIF, we want to see that rounded bottom form and the bullish divergences remain, and then POPCAT can set for a great Long opportunity.

In the long term, WIF and POPCAT have been hit reputationally, and we've seen other plays run while they haven't. This is opening up the door for us to consider the thesis of whether new cycle memes can remain Blue Chips or whether we are just in a major rotation game, and it's about chasing the hot metas.