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Cryptocurrency News Articles

POPCAT May Drop Another 30% Before Rallying in October, Technical Analysis Suggests

Sep 04, 2024 at 05:33 pm

In just 10 days, POPCAT has dropped over 30%, but the decline may not be over. A deeper analysis of multiple indicators reveals that further declines could be on the horizon.

POPCAT May Drop Another 30% Before Rallying in October, Technical Analysis Suggests

After a stunning rally of over 1,100% in just 25 days, cryptocurrency prices have soared to new heights. However, a deeper analysis of multiple indicators reveals that the astronomical ascent may not be over just yet.

According to an analysis by IntoTheBlock, a blockchain analytics firm, the price of Dogecoin (CRYPTO: DOGE) could continue to rally towards $0.28 by the end of the year. This projection is based on the Fibonacci golden pocket, which is a technical analysis tool used to identify potential support and resistance levels.

The analysis also suggests that a massive resistance zone lies between $0.24 and $0.28, indicating that Dogecoin could face difficulties in breaking above this range. If the price fails to cross above $0.28, it might conclude the rally and begin a new downtrend.

On the other hand, if the price breaks above $0.28 with sufficient momentum, it could continue to rally further towards the next Fibonacci golden pocket, which is around $0.38.

However, it is crucial to note that this analysis is purely based on technical indicators and does not take into account any fundamental factors or external influences that could impact the price of Dogecoin.

Original source:crypto

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