- POPCAT appeared to have an upward trending market on the time frame of a daily basis
- Bullish sentiment is weaker in lower timeframes
POPCAT The daily chart showed a trend upwards and the 25th October saw a lower low, $1.28. The momentum of the stock appeared to be accelerating. slow down Around this time it formed a higher peak in the recent days.
Bitcoin’s [BTC] correction Many bulls were caught off guard by the sudden drop from $72.7k. POPCAT has also experienced a drawdown of 14.45% over the last three days. However, it is likely that its upward trend will continue.
The market structure is in favor of POPCAT bulls
TradeView: Source for POPCAT/USDT
A correction was initiated after the Fibonacci 23.6% extension level. Market structure was bullish because of the higher highs, and lower lows. The structure would be flipped bearishly if the daily close was below $1.28.
In order to flip the trend in a bearish direction, it is necessary to set a new higher low as well as lowering high. This would indicate that POPCAT could be gearing up to pull back, possibly below the $1 mark.
This scenario was not likely at the time this article was written. CMF is at +0.05, which indicates that significant capital has entered the market. This indicator also showed the positive momentum of the market. memecoin Since the second week in September.
Dwindling Open Interest hints at doubts
Source: Coinalyze
After the price jumped above $1.5 last week, Open Interest began to slowly rise. During the recent correction, OI dropped along with price. It was evident that the Futures market is in a negative mood.
Over the same time period, spot CVD fell by a considerable amount. The combination of lame interest in the Spot Market and Futures Market showed a bearish sentiment on a short term basis, although higher timeframes price movement indicated reassurance.
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The funding rate was close to zero – Another sign of weak bullishness. The upcoming week will require traders to be cautious. Markets are not fond of the uncertainty surrounding the 2024 US elections. After this important event, it is likely that clearer trends in price will emerge.
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Source: ambcrypto.com
