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- 1 POPO token’s weekly price performance on the daily chart shows a 6.22% decline.
- 2 Market cap in accordance with the POPO project is $114,333.69 Million.
POPO is a cryptocurrency token that functions entirely on the Ethereum blockchain, conforming to the ERC-20 standard for fungible tokens. This allows it to be traded and utilized similarly to other ERC-20 tokens within the Ethereum network.
Furthermore, POPO falls under the meme token category, akin to other notable examples such as Dogecoin or Shiba Inu, typically emerging from the community and often gaining traction through social media influence.
The following are notable characteristics of POPO:
POPO operates independently of any central authority. It has a zero tax principle, which means that POPO transactions are free from taxation.
Developers have forfeited their control over the token, reinforcing its community-led aspect. Also, a portion of the liquidity pool has been burned to enhance scarcity and potential value. Now, its governance and strategic decisions pertaining to POPO are determined by its community, potentially through democratic processes like proposal voting.
POPO Token Technical Overview In Daily Chart
The POPO token has signified great performance on the daily time frame chart with 70.74% performance growth last month with a 25.13% quarterly increase.
However, the rally did not sustain near the supply level as the price failed to move up and started declining on March 11th, 2024, and has been dropping since then, which led to its poor weekly price performance on the daily chart with a decline of -6.22% percentile.
At the time of writing, its market cap in accordance with the POPO project was $114,333.69 Million, per CoinMarketCap. Its current market price is trading at $0.0000000002720.
Therefore, if the price breaks the $0.0000000002500 support, then the price will deteriorate and seek lower levels. On the flip side, if it manages to sustain over the $0.0000000002500 support and jumps, then the turnaround could be massive, marking new higher levels towards the supply level, and breaching the supply would open doors to new zeniths.
Currently, the major indicators are on the bearish side, which is supporting the bearish angle of the price performance forecast on the daily chart. The MACD with bearish cross is at -0.00000000000042, and the signal line stands at -0.00000000000152.
Summary
The price action of POPO saw a growth of 70.74% last month with a 25.13% increase over the quarter. Despite this, the token’s price began to fall on March 11th, 2024, leading to a 6.22% decline.
Moreover, technical indicators are currently bearish, with the MACD at -0.00000000000042 and the RSI below the neutral 50 mark, suggesting a continued downward trend unless there’s a reversal in market sentiment or other influencing factors.
Therefore, if the price breaks below the support level of $0.0000000002500, it could potentially lead to further declines. Conversely, maintaining above this support level could result in a significant uptrend, possibly reaching new highs if it surpasses the supply level.
Technical Levels
Support Levels: $0.0000000002500
Resistance Levels: $0.0000000004000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
