- Our dear POPCAT crypto has experienced a most remarkable bounce of +100% from its recent lows of $0.15.
- Alas! A certain whale has taken to profit-taking with great fervor during this recovery.
It appears that our beloved Popcat [POPCAT] has indeed reached the nadir of its fortunes, having declined a staggering 90% and nearly obliterating all its gains for the year 2024. Yet, in this fine month of February, the memecoin has rallied with considerable vigor from its recent lows of $0.15.
This resurgence has ignited the hopes of many that it might reclaim its lost stature and set its sights upon the illustrious $1 mark. However, it seems that the whales, those great lords of the sea, have begun to sell into this uptrend, eager to secure their profits.
According to the esteemed blockchain analysis platform SpotOnChain, an early whale has rather dramatically offloaded ten million POPCAT tokens, valued at a princely sum of $3.15 million, to Bybit.
This whale, in a most audacious display of financial acumen, recorded a profit of $7.32 million (a staggering 633% gain) and was left with a mere one million POPCAT tokens. How quaint! 🐋💸
Will the whale’s sell-off thwart POPCAT’s recovery?
Upon examining the daily price chart, it is evident that POPCAT crypto has valiantly defended the $0.20 level and has been recovering steadily. Yet, the immediate overhead resistance levels loom ominously at $0.40 and $0.66.
At present, it remains uncertain whether this memecoin can extend its recovery beyond the $0.40 threshold. Notably, the daily RSI has shown signs of recovery but has yet to transform the neutral level into a supportive embrace.
Since the month of December, the daily RSI has faced rejection at this level, thus capping POPCAT’s upward trajectory. Should this trend repeat, one might expect POPCAT to stall, much like a carriage stuck in the mud. 🚫
Moreover, the OBV (On-Balance Volume) has been fluctuating below the key level, suggesting a rather unfortunate stagnation of volume, which could delay a robust rally in the short term.
If our dear memecoin finds itself stalling at $0.40, a retracement to $0.30 (the color of a rather unfortunate shade of cyan) could present a most opportune buying opportunity. 🛒
On-chain signals show signs of life
That being said, the recovery in February has also witnessed a delightful improvement in key on-chain signals—namely sentiment and social volume.
Unlike the dismal December, when the Weighted Sentiment languished firmly in the negative, the indicator now flashes positive signals in February, suggesting that the market’s outlook on POPCAT has improved. How splendid! 🌟
Similarly, market interest and overall demand have increased, as evidenced by spikes in Social Volume. This demonstrates a delightful increase in engagement with the memecoin across the social media landscape, potentially leading to further demand on the price chart.
However, unless the anticipated demand propels the daily RSI above the neutral level, one might fear that further recovery could stall in the short term. Such is the fickle nature of fortune! 🎭
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2025-02-15 00:10