POPCAT could be poised for a 42% drop – Here’s why – BitRss

• This bearish thesis will only hold if it closes a daily candle below the $0.70 level.
• On-chain metric revealed that exchanges have witnessed an inflow of nearly $1 million worth of POPCAT.

Popcat [POPCAT], is poised to continue its downside momentum due to the formation of bearish price action.

The overall cryptocurrency market is struggling following yesterday’s price crash, and in this environment, POPCAT was hit hard, witnessing a price decline of over 22%, in a day. It failed to hold a crucial support level.

POPCAT technical analysis and key levels 

Based on AMBCrypto’s technical analysis, POPCAT has broken down from a prolonged consolidation zone between the $0.70 and $0.83 marks, which it had formed at the crucial support level of $0.70.

Following this breakdown, the memecoin’s daily chart indicates significant downside momentum in the future.