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Catecoin Price Prediction: Why the Prices are Likely to Fall

Catecoin price has been trading sideways for more than a week. In today’s trading session, the cryptocurrency has already lost over 2.5 per cent. There is also a high likelihood that the bearish trend will continue.

One of the reasons why Catecoin has continued to trade low is because of the amount of circulating coins in the market. Today, over 32 trillion coins are being traded. The cryptocurrency also has an allowance of over 88 trillion coins in the market. Unlike Bitcoin, which only has 21 million, thereby creating a demand and supply balance, Catecoin prices are plenty, thereby trading at a very low price.

However, much of Catecoin traction has come due to the growth in popularity of memecoin. In 2021, some of the best performing cryptocurrencies, such as Dogecoin, were memecoin, which allowed early investors to reap big. Catecoin is also the first cat-meme cryptocurrency, making it a pioneer in the field.

Catecoin Price Prediction

Catecoin has been trading sideways for the past few days. In today’s trading session, the cryptocurrency has lost over 2.5 per cent of its value. It is also highly likely that today’s drop in prices will wipe yesterday’s gains, continuing the recent sideways markets.

Looking at the daily chart below, we can see a more than a week sideway market. We can also see that no clear trends are being formed. Using the Williams Alligator indicator, as shown in the chart, we can see that, although it shows a bullish trend, the trend is weak and can reverse.

Although the chart does not show a clear trend to predict where the prices will be in the next few days, my Catecoin price prediction is that I expect the prices to retest the $0.0000013 support level. This is because the prices are coming from a resistance level. Also, the prices have failed to break the resistance level to the upside. The prediction is also based on the Williams Alligator, which shows a reduced bullish volatity.

Catecoin Daily Chart