POPCATUSDT - TESTING RESISTANCE AMID BEARISH STRCTURE

Feb 13

Symbol - POPCATUSDT

CMP - 0.3290

POPCATUSDT is currently testing trend resistance on the 4-hour timeframe. A rapid approach toward the upper boundary of the channel, accompanied by a false breakout, could lead to a correction or a continuation of the downward movement.

The broader market trend remains bearish, and the short-term trend aligns with this overall downtrend. Bitcoin has yet to serve as a bullish catalyst for altcoins. Additionally, yesterday’s CPI & economic data exerted a negative influence on the market. The cryptocurrency community had high expectations for Trump, but his stance has shifted, leaving cryptocurrencies lower on his agenda.

From a technical perspective, POPCAT is testing the resistance of the channel with a potential false breakout within the context of a prevailing downtrend. A sustained price consolidation below the 0.3220 level could signal further selling pressure.

Key resistance levels: 0.3220 (sell trigger)
Key support levels: 0.2386, 0.1596

While there remains a possibility of a retest of the correction channel resistance, bearish market conditions and the overall weak market sentiment suggest that the downtrend may continue.

Feb 15

Trade active

It demonstrated a false breakout, captured liquidity at trendline resistance & now falling.
Short position active.

Feb 17

Note

CMP 0.2873

It is moving as per expectation. Now down -12% from my short level.

Feb 18

Trade closed: target reached

CMP 0.2480

First target reached, -24% fall done from my short level.