Market

POPCAT Price Set for Gains, But A Potential Pullback Looms

Published

6 hours ago

October 1, 2024

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POPCAT Price has been hitting new all-time highs, with recent indicators suggesting that the uptrend could persist for a little longer. Buyers remain in control, but there are hints that momentum may be starting to slow down.

Traders should monitor key levels that may trigger more buying interest or spark selling pressure. Depending on how these factors play out, POPCAT could soar to new records or face a sharp pullback.

POPCAT Uptrend Could Continue In The Next Days

POPCAT +DI currently sits at 22.94, reflecting strong buying momentum, while the -DI is far lower at 10.56, indicating that selling pressure remains weak. This disparity between the two lines shows that buyers are in control, driving the price upward.

The ADX, which measures the strength of the trend, currently stands at 21.49. The Directional Movement Index (DMI) is a key indicator used to evaluate both the direction and strength of a trend.

The +DI tracks bullish pressure, while the -DI tracks bearish pressure, and the ADX confirms how strong or weak the trend is. When the ADX is above 20, as it is now, it signals that the trend is gaining traction, whether it’s an uptrend or a downtrend.

POPCAT Directional Movement Index. Source: TradingView

It’s important to note that the ADX has been decreasing, indicating that while the uptrend is still intact, its momentum is weaker than in previous days.

Despite this weakening trend, the ADX remains at a solid level, suggesting that POPCAT’s upward movement will likely continue in the short term before it begins to fade. While buyers still have the advantage, the trend may soon lose momentum.

POPCAT RSI Is Still Healthy

POPCAT’s RSI is currently sitting at 62.32, indicating that there is still room for growth before the asset enters the overbought territory, which suggests more potential upside in terms of price movement.

The Relative Strength Index (RSI) is a widely used momentum oscillator that measures the strength of price changes by evaluating recent gains and losses. Typically, an RSI value above 70 signals that an asset is overbought, implying that it may be overvalued and could be due for a pullback.

On the other hand, an RSI below 30 indicates an oversold condition, suggesting a possible buying opportunity. With POPCAT’s RSI rising from 43 just three days ago to its current level, it suggests that buying pressure has significantly intensified in a short amount of time.

POPCAT Relative Strength Index. Source: TradingView

This surge in RSI reflects increased optimism and demand, pushing prices higher as more traders accumulate the asset. However, it’s important to note that if POPCAT’s RSI continues to climb and hits the 70 threshold, it could trigger selling pressure as traders may begin to take profits, expecting a possible price correction.

Until that critical level is reached, the current uptrend could very well continue, with POPCAT reaching new all-time highs.

POPCAT Price Prediction: A New All-Time High Or A 29% Drop?

POPCAT’s EMA lines are currently bullish, with the short-term moving average positioned above the long-term, signaling that upward momentum is still in play. However, the distance between the lines is not as wide as it was in recent days. That indicates that the strength of the uptrend may be weakening.

Exponential Moving Averages (EMA) are technical indicators that emphasize recent price data. They allow traders to see trends more clearly and react faster to price changes. When the short-term EMA is above the long-term EMA, it suggests that the asset is in a bullish phase. The opposite indicates a bearish phase.

POPCAT EMA Lines and Support and Resistance. Source: TradingView.

Despite the slight narrowing of the gap between these lines, if the uptrend continues, POPCAT, as one of the leading meme coins in the Solana ecosystem, could potentially test the resistance level at $1.08. If that one is broken, push toward the $1.10 threshold and above, setting new all-time highs.

However, if the trend reverses in the coming days, the price could drop significantly. Potential retracements could be seen down to $0.81 or even $0.74. That would represent a possible 29% decline from current levels.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Gains Looms PopCat Potential Price Pullback Set

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Fantom (FTM) Price Aims for $1, Pushing 100 Million Tokens Into Profit

Published

38 mins ago

October 2, 2024

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Fantom (FTM), currently transitioning to Sonic (S), is one of today’s top market gainers, with its price rising by 8% in the last 24 hours.

As FTM climbs, indicators point to the potential for even greater gains. This analysis outlines the factors driving the token’s rise, key resistance levels to watch, and the potential benefits for investors.

Fantom Plan to Put Worried Holders Out of Pain

As of this writing, Fantom’s price is $0.75, meaning 53% of the total FTM holders are now in profits. However, according to the Global In/Out of Money (GIOM) Around Price, holders who are currently out of money might soon gain from the price appreciation.

The GIOM classifies addresses based on those making money at the break-even point and those in losses at the current price. Using an average on-chain cost basis, the indicator can tell how much volume can become profitable or otherwise, depending on the price action.

Also, the larger the clusters, the stronger the support or resistance. According to IntoTheBlock, about 25,230 addresses that accumulated FTM between $0.94 and $1.50 are currently holding over 100 million tokens at a loss.

Fantom price shows strong support — Fantom GIOM. Source: IntoTheBlock

However, with strong support of around $0.75, these addresses might soon be in the money, indicating that the volume in these regions could soon be valued at $75 million. Fantom’s Open Interest has also increased, suggesting that more money is flowing into FTM-related contracts.

Historically, whenever this happens when FTM’s price increases, the uptrend becomes stronger. Thus, it is likely that the token’s uptrend might continue, and FTM’s price could close in on the $1 mark.

Fantom (FTM) Open Interest — Fantom Open Interest. Source: Santiment

Interestingly, crypto trader Ansem also seems to align with the bullish bias. The trader, who has 503,900 followers on X, noted that the last quarter was for accumulation, while this new one will see FTM price trade much higher.

“FTM price action is a good indicator of the different regimes we are in now. March-> July: alts down only [-70-80%]. July -> September: sideways accumulation. currently, continuation without high timeframe retests is usually the beginning of aggro trend,” Ansem wrote.

FTM Price Prediction: Higher Values Only

On the daily chart, FTM’s price increased after a bullish inverse head-and-shoulders pattern formed. Currently trading at $0.75, BeInCrypto examined the Directional Movement Index (DMI) to support the continuation of the altcoin’s uptrend.

As the name implies, the DMI measures a cryptocurrency’s trend. At press time, the DMI (red) was down to 5.68, which indicates that sellers are not in control. On the other hand, the DMI (green) was higher at 2.08.

In addition, the Average Directional Index (ADX), which measures directional strength, has increased. At press time, the ADX (yellow) is 48.49, suggesting that Fantom’s price might continue to move up.

Fantom (FTM) Price Analysis — Fantom Daily Price Analysis. Source: TradingView

If validated, FTM’s price might surpass the $0.84 resistance in the short term. If that is the case, the altcoin’s next move could be to $1.01 and possibly $1.14. However, the token could pull back if the FTM holder’s book profits in large volume. If that happens, FTM could decline to $1.14.

The post Fantom (FTM) Price Aims for $1, Pushing 100 Million Tokens Into Profit appeared first on BeInCrypto.

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Market

Is the Altcoin Season Here?

Published

2 hours ago

October 2, 2024

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After closing at a two-year high of 58.41% on September 19, Bitcoin’s dominance (BTC.D) has initiated its downward trend, noting a 2% decline. Meanwhile, the combined market capitalization of all altcoins (TOTAL2) has surged, indicating a shift in investor sentiment.

However, this is not without a catch. TOTAL 2 has experienced a steady decline, signaling a slowdown in market activity as traders hold back, waiting for the catalyst to spark the anticipated bull run in the year’s final quarter.

Altcoin Season May Be Underway, But With Weak Momentum

TOTAL2 is currently at $927 billion at press time, climbing by 5% since BTC.D started to fall. This reflects the surge in demand for altcoins over Bitcoin in the past ten days.

However, TOTAL2’s momentum indicators signal that buying pressure has weakened over the past few days. This is driven by a slowdown in broader market activity as traders wait for a trigger to ignite the highly anticipated “Uptober.”

For instance, the size of the histogram bars in TOTAL2’s Moving Average Convergence/Divergence (MACD) indicator has gradually decreased over the past few days.

TOTAL 2 MACD — TOTAL2 MACD. Source: TradingView

While the MACD line (blue) remains above the signal line (orange), indicating that buying activity is outpacing selling pressure in the altcoin market, the shrinking size of the histogram bars typically signifies a weakening momentum in bullish trends.

Furthermore, the declining bars of TOTAL2’s Elder-Ray Index, which measures the strength of the bulls and bears in the market, support this position. Although this indicator has shown green bars, indicating that bulls are currently in control, the diminishing size of these bars suggests that buying pressure is weakening and that bulls are gradually losing their grip on the market.

total 2 elder-ray index — TOTAL 2 Elder-Ray Index. Source: TradingView

Altseason May Arrive Much Later

After spending 20 days below TOTAL2, the dots of its Parabolic Stop and Reverse (SAR) indicator flipped to the top during Monday’s trading session, signaling a shift in market sentiment. This reversal often indicates that the prevailing uptrend is losing momentum and that a downtrend could begin.

TOTAL 2 Parabolic Stop and Reverse. Source: TradingView

Moreover, according to data from Blockchain Center, the altcoin season commences when at least 75% of the top 50 altcoins outperform Bitcoin over a 3-month period. Currently, only 49 of these assets have surpassed Bitcoin’s performance in the last 90 days. Hence, the altcoin season has not yet arrived.

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Market

Solana Price May Outperform Bitcoin

Published

3 hours ago

October 1, 2024

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Solana is gearing up for a potential price surge against Bitcoin as the SOL/BTC pair inches closer to a bullish breakout. After a prolonged period of consolidation within a symmetrical triangle since March, SOL/BTC is making another attempt to rally past the upper resistance line.

A successful attempt will cause Solana to exchange hands at a multi-month high. This analysis explores the possibility of this happening.

Solana Seeks To Outshine Bitcoin

The SOL/BTC pair represents the exchange rate between Solana and Bitcoin. It currently stands at 0.0024, which indicates a 14% rally over the past 12 days.

When the SOL/BTC pair rallies, SOL’s value increases relative to BTC. This means that SOL holdings are becoming more valuable in terms of BTC.

A look at the SOL/BTC pair on a one-day chart reveals that it now trends toward the upper line of the symmetrical triangle it has traded within since March. When an asset trades within this pattern, its price fluctuates between two converging trend lines, forming resistance and support levels.

solana/bitcoin pair — SOL/BTC Pair. Source: TradingView

A breakout above this upper resistance would indicate that the bulls have overpowered bearish forces, confirming the potential for further price gains. The positive readings from the pair’s Balance of Power (BoP) suggest that this breakout may be likely in the near term.

The SOL/BTC BoP, which measures the relationship between buying and selling pressures in the market, is 0.8 at press time. When this indicator is positive (above zero), buying pressure is stronger than selling pressure within the market. It indicates there are more buyers than sellers, driving the price upward.

The pair’s Relative Strength Index (RSI) supports this bullish thesis. As of this writing, the RSI, which tracks oversold and overbought conditions in the market, is in an uptrend at 60.26. This signals that SOL accumulation is high among market participants, dwarfing all profit-taking efforts.

Solana Price Prediction: A Multi-Month High Is Imminent

The SOL/BTC pair could be driven to new highs if demand for Solana continues to outpace Bitcoin’s. Readings from the pair’s Fibonacci Retracement tool suggest that a successful break above the upper resistance line will push it to 0.0031, a level last seen on March 18.

Should this occur, SOL may trade above $200 for the first time in seven months.

SOL/BTC Pair and SOL/USD. Source: TradingView

However, if Bitcoin gains strength against Solana, causing the pair to decline, the attempt to break resistance could fail, and the pair may continue to trend within the descending triangle. In such a scenario, it might drop to support at 0.0021, bringing Solana’s price down to $133.58 if buying pressure weakens significantly.

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