The cryptocurrency market remains under pressure, with the bitcoin price falling below $ 34,000 today and the risk of further declines is still possible. PotCoin POT / USD is also losing value, and in a very short period of time, the price of this cryptocurrency has dropped from $ 0.062 to $ 0.010, while the current price is hovering around $ 0.019.
Fundamental Analysis: PotCoin Enables Cannabis enthusiasts to interact and deal with each other
PotCoin is a digital cryptocurrency solution for the global cannabis industry that allows cannabis enthusiasts to interact and transact with each other. Its creators wanted to solve the banking problems of people wanting to sell legal marijuana, because banks cannot legally engage in marijuana-related activities.
Looking for fast news, tips and market analysis? Sign up for the Invezz newsletter today.
The PotCoin network is truly decentralized, transparent and globally accessible. PotCoin was created in 2014, but it is becoming popular thanks to the fame of the famous basketball player Denis Rodman.
PotCoin’s liquidity has increased significantly since early 2021, and on April 18, the price of this cryptocurrency broke the resistance of $ 0.060. Since then, the price has crashed, daily trading volume has declined, and traders remain concerned that it will take a long time for a more significant price recovery.
The cryptocurrency market is losing value this Sunday, the price of PotCoin could drop even more in the coming days, and now is probably not the best time to buy this cryptocurrency. Scott Minerd, an analyst at Guggenheim Partners, said that Bitcoin could retest the $ 20,000 support level, and if that happens, all other cryptocurrencies could have much lower prices.
“Trading on margin has helped retail traders gain access to cryptocurrencies, but as we’ve seen, digital currencies have experienced a painful downturn. The cryptocurrency crash has exposed the risks associated with leveraging asset trading, and retail traders need to understand that leverage can accelerate both growth and decline, ” said David Madden, market analyst at Equity Capital.
Technical Analysis: The Risk of Further Falls Is Probably Not Exhausted
PotCoin may weaken further in the current bear market, and if you choose to trade this cryptocurrency, you should always use a stop loss order as the risk is always high.
Data source: tradingview.com
PotCoin is currently trading near the $ 0.019 level, which will be a strong sell signal if the price falls below the $ 0.015 support. The next target price could be around $ 0.010 or less; even so, if the price exceeds $ 0.030, we have a clear path to $ 0.040.
PotCoin was created to solve the banking problems of people wanting to make legal marijuana transactions because banks cannot legally engage in marijuana-related activities. The cryptocurrency market is losing value this Sunday and the price of PotCoin is also under pressure. The risk of further declines is likely still not over, and if the price falls below the $ 0.015 support, we will open the way to $ 0.010 or even lower.
Invest in cryptocurrencies, stocks, ETFs and more in minutes with our favorite broker eToro
67% of retail CFDs lose money