Third coin of the day is the Populous and this is the first time that I am talking about this crypto. Why this one today? Well, the key for today’s round of analysis was the biggest daily drop. Populous is one of the biggest losers today among the biggest cryptos on the market.
The situation here is bearish and luckily very technical. Why luckily? Because, when the price is respecting the technical analysis principles, the movements are more predictable and our work is more reliable. PPT is in the descending triangle pattern, which is promoting a further decline. What is most important here is that most recently, the price bounced from the place, where we had three important resistances at once. First one was the mid-term up trendline (red), which was newly tested as a resistance. Second one was the long-term down trendline (green) and the third one was the horizontal resistance around the 6 USD (yellow).
PPT bounced from that area yesterday and today we do have a continuation of this movement, which can be perceived as a confirmation. The sentiment is negative and in the next few days/weeks, we should see the further decline.