- POPCAT declined by 16.4% in the last 24 hours.
- With sellers dominating the market, downward pressure has persisted, risking a dip to a 2-month low.
With altcoins plummeting over the past 24 hours, memecoins, too, have not been spared. Among the hardest hit is Popcat [POPCAT] a Solana [SOL]-based memecoin.
As such, Popcat has experienced a decline over the past three days.
After hitting a high of $1.6, Popcat has experienced a sustained downward pressure, hitting a low of $0.98.
In fact, at the time of writing, Popcat was trading at $1.17 after a 16.40% decline on daily charts. Also, the memecoin has declined on weekly and monthly charts, dipping by 8.53% and 18.62% respectively.
With a strong downward pressure, the current market conditions could see the memecoin decline further.
Popcat sees sell pressure
According to AMBCrypto’s analysis, Popcat was currently experiencing strong downward pressure amidst increased selling pressure at press time.
Source: TradingView
Popcat made a bearish crossover on its Relative Strength Index (RSI) over the past 24 hours. This bearishness arises from sustained selling pressure as investors attempt to sell and avoid further losses.
With sellers dominating the market, it suggests their lack of confidence in the market and anticipate further price decline.
