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.
POPCAT:
- POPCAT broke out of its local downtrend line but the price couldn't even rally into the horizontal resistance of $0.40.
- Price has since pulled back to the horizontal support of $0.23, with price recently breaking below it and now butting up into it as resistance.
- The next horizontal support is at $0.15. So it's possible that price is now in a new range between $0.15 and $0.23.
- The RSI is now well out of oversold territory, but it's now using its moving average as a resistance.
- Next Support: $0.15
- Next Resistance: $0.23
- Direction: Bearish
- Upside Target: $0.32
- Downside Target: $0.15
Cryptonary's take
Like WIF, it's hard to get excited about POPCAT here. It's likely that the price falls back into the $0.15 to $0.23 range if it hasn't already. We're not sure we'd Short POPCAT if it went higher (unlike WIF).If POPCAT does break out (we're not expecting it to, then $0.32 is likely a local topping area. We just expect POPCAT to slowly bleed to $0.15 over the coming weeks.
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