Connect with us

Market

POPCAT Price Plummets 16%, Falls Out of Top 100 Cryptos

Published

on


Meme coins were not exempted, as the crypto market experienced a widespread drawdown in the last 24 hours. However, out of the numerous declines, Solana-based Popcat (POPCAT) has been the most affected.

At press time, the POPCAT price is $0.62. This value represents a 16.24% decrease within the abovementioned period; however, there is more.

Popcat Bids a Temporary Goodbye to the Prestigious List

A look at the broader market shows that many meme coin prices dropped by double-digits. However, the price drop is not the sole reason POPCAT is in the spotlight because of the price drop. The token also fell out of the top 100 regarding market cap.

According to CoinGecko, the meme coin’s market cap, which previously inched close to $1 billion, is $601.65 million as of this writing. As a result, the meme coin ranks as the 102nd most valuable cryptocurrency. 

However, POPCAT’s decline can also be linked to other events. Findings show that the Federal Open Market Committee’s (FOMC) decision to keep interest rates unchanged and rising tension in the Middle East contributed to the broader market correction.

Read More: How to Buy Solana Meme Coins: A Step-By-Step Guide

POPCAT Open Interest
POPCAT Open Interest. Source: Santiment

Meanwhile, POPCAT has also seen a notable decrease in Open Interest (OI), as shown above. According to Santiment, OI was almost $70 million on July 27. However, at press time, it had dropped to $44.92 million.

Open Interest measures the value of contracts open in the market. When it increases, investors are bringing more money into the market. But a decrease suggests increased position closures.

Therefore, the decline implies that market interest in the meme coin is waning. If this continues, it could strengthen the price decrease.

This sentiment is also contrary to the buzzing optimism around POPCAT a few days ago. The bullish sentiment at that time helped the price rebound.

However, on-chain data shows that it is no longer the case. At press time, the Weighted Sentiment is back in the negative region. 

POPCAT Weighted Sentiment.
POPCAT Weighted Sentiment. Source: Santiment

This metric uses social volume to assess market perception about a cryptocurrency. Thus, this decline suggests that negative commentary outweighs positive ones.

POPCAT Price Prediction: Correction to Continue

On the daily chart, the token continues to experience a drawdown. From this indication below, bulls do not seem prepared to halt this correction. The Relative Strength Index (RSI) also gives credence to this bias as the reading has fallen below the neutral line.

In simple terms, the RSI uses the speed and size of price changes to determine momentum. When it decreases, it means momentum is turning bearish. However, an increase suggests a bullish momentum.

The indicator also detects overbought and oversold conditions. A rating above 70.00 indicates an overbought condition, while one below 30.00 means a cryptocurrency is oversold. In POPCAT’s case, the declining momentum could strengthen the downtrend. 

Read More: 11 Top Solana Meme Coins to Watch in August 2024

POPCAT Daily Analysis
POPCAT Daily Analysis. Source: TradingView

If sustained, this could lead to the price below $0.60, which it aims to drop to $0.51. However, traders may need to watch out, as buying pressure could change the situation. Also, if POPCAT becomes oversold, a bounce may occur. If that is the case, the price may return to $0.70.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

Solana (SOL) Holds Steady After Decline—Breakout or More Downside?

Published

on


Solana started a fresh decline below the $132 support zone. SOL price is now consolidating and might struggle to recover above the $126 resistance.

  • SOL price started a recovery wave from the $122 support zone against the US Dollar.
  • The price is now trading below $130 and the 100-hourly simple moving average.
  • There is a key rising channel forming with support at $124 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a fresh increase if the bulls clear the $126 zone.

Solana Price Faces Resistance

Solana price started a fresh decline below the $135 and $132 levels, like Bitcoin and Ethereum. SOL even declined below the $125 support level before the bulls appeared.

A low was formed at $122.64 and the price recently started a consolidation phase. There was a minor increase above the $125 level. The price tested the 23.6% Fib retracement level of the downward move from the $140 swing high to the $122 low.

Solana is now trading below $126 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $124 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $126 level. The next major resistance is near the $128 level. The main resistance could be $132 or the 50% Fib retracement level of the downward move from the $140 swing high to the $122 low.

Solana Price

A successful close above the $132 resistance zone could set the pace for another steady increase. The next key resistance is $136. Any more gains might send the price toward the $142 level.

Another Decline in SOL?

If SOL fails to rise above the $128 resistance, it could start another decline. Initial support on the downside is near the $124 zone. The first major support is near the $122 level.

A break below the $122 level might send the price toward the $115 zone. If there is a close below the $115 support, the price could decline toward the $102 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $124 and $122.

Major Resistance Levels – $128 and $132.



Source link

Continue Reading

Market

Ethereum Price Faces a Tough Test—Can It Clear the Hurdle?

Published

on


Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.


Este artículo también está disponible en español.

Ethereum price started another decline and traded below the $1,850 level. ETH is now consolidating and facing key hurdles near the $1,850 level.

  • Ethereum struggled to continue higher above the $1,980 resistance level.
  • The price is trading below $1,860 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance at $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $1,850 and $1,880 resistance levels to start a decent increase.

Ethereum Price Attempts Recovery

Ethereum price failed to continue higher above $2,050 and started another decline, like Bitcoin. ETH declined below the $1,880 and $1,850 support levels.

It tested the $1,765 zone. A low was formed at $1,767 and the price recently started a short-term recovery wave. The price climbed above the $1,800 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $2,033 swing high to the $1,767 low.

There was also a break above a connecting bearish trend line with resistance at $1,810 on the hourly chart of ETH/USD. Ethereum price is now trading below $1,860 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $1,850 level. The next key resistance is near the $1,860 level. The first major resistance is near the $1,900 level and the 50% Fib retracement level of the downward move from the $2,033 swing high to the $1,767 low.

Ethereum Price
Source: ETHUSD on TradingView.com

A clear move above the $1,900 resistance might send the price toward the $2,000 resistance. An upside break above the $2,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,050 resistance zone or even $2,120 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,850 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,780 zone.

A clear move below the $1,780 support might push the price toward the $1,765 support. Any more losses might send the price toward the $1,710 support level in the near term. The next key support sits at $1,665.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $1,800

Major Resistance Level – $1,850



Source link

Continue Reading

Market

Top 3 Made in USA Coins to Watch In April

Published

on


Made in USA coins continue to try a rebound, with Solana (SOL), RENDER, and Jupiter (JUP) standing out as key names to watch in April. Despite recent price corrections, each of these tokens plays a major role in high-growth areas like DeFi, AI, and blockchain infrastructure.

Solana has seen its price dip, but ecosystem activity remains strong; RENDER is riding the wave of AI demand despite market turbulence; and Jupiter is showing solid usage metrics even as its token struggles. Here’s a closer look at the technical and fundamental setups for each of these standout U.S.-based projects.

Solana (SOL)

Solana has faced a notable price correction over the past week, with its value dropping nearly 13%. If this bearish momentum continues, the token could be on track to retest the critical support level at $120.

A breakdown below that could see SOL sliding further toward the $112 mark.

SOL Price Analysis.
SOL Price Analysis. Source: TradingView.

Despite the recent downturn, Solana remains one of the most relevant Made in USA coins and continues to show impressive usage metrics. PumpFun, for example, generated nearly $9 million in revenue over the past 24 hours, second only to Tether.

After a short period when BNB led the DEX volume race, Solana seems to be regaining traction—its decentralized exchange volume has surged by 128% in just seven days, reaching $18 billion and surpassing both Ethereum and BNB.

If this recovery in momentum persists, SOL could target a move toward the $131 resistance level. A successful breakout there could open the door to further gains toward $136 and potentially $147.

RENDER

RENDER, one of the most prominent U.S.-based cryptocurrencies with a focus on artificial intelligence, has seen its price decline nearly 11% over the past seven days.

This drop reflects the broader correction that has impacted many AI-related tokens in recent months.

However, new developments in the AI infrastructure space may provide a catalyst for a potential rebound, especially as the limitations of centralized systems become clear.

RENDER Price Analysis.
RENDER Price Analysis. Source: TradingView.

If bullish momentum returns to the AI sector, RENDER could look to challenge the resistance at $3.47, and a successful breakout might open the door for a rally toward $4.21.

However, if the current correction deepens, the token could fall to test the $3.14 support level. A breakdown there may trigger further losses, potentially dragging RENDER down to $2.83 or even $2.52—its lowest level in recent weeks.

Jupiter (JUP)

Despite Solana’s recent struggles, Jupiter—its leading DEX aggregator—is demonstrating impressive strength in terms of activity.

In the last 24 hours, Jupiter ranked as the fourth-highest protocol in crypto by fee generation, collecting nearly $2.5 million.

Only Tether, PumpFun, and Circle managed to outperform it, highlighting the platform’s growing relevance within the Solana ecosystem even during periods of broader market weakness.

JUP Price Analysis.
JUP Price Analysis. Source: TradingView.

However, JUP, Jupiter’s native token, hasn’t mirrored this positive momentum. Its price has dropped over 21% in the past week, being one of the worst performers among the biggest Made in USA coins. It has remained below the $0.65 mark for three consecutive weeks.

With JUP now hovering dangerously close to a key support at $0.44, a breakdown could see the token dip below $0.40 for the first time ever.

Still, if market sentiment shifts and momentum returns, JUP could begin climbing again—first testing resistance at $0.54, then potentially moving toward $0.598 and even $0.63 if bullish pressure intensifies.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io