Reviewed by Reviewed by Jacob Thomas Updated 14:00 EDT October 9, 2026 Share Share Share Back to Top Cash Cat [CASHCAT] memecoin has declined significantly over the past day. The decline has resulted in a 12% drop in its market capitalization, bringing it down to $112.31 million at the time of writing
Market analysis indicates that the price could still drop further in the near term, potentially reaching levels last seen earlier this year. This outlook would hold if traders continue to bet short or sellers maintain their dominance in the market. However, there is still a twist
The decline in CASHCAT has extended after the cryptocurrency failed to hold the $0.15 support level on the chart
The decline, however, could extend to the next major support level, which sits around $0.08 on the chart, where the asset could attract buy orders. A decline to this level would imply an additional loss of roughly 25%
Notably, there are smaller support levels along this stretch, marked by horizontal dashed lines. Price has already traded down to the current level at $0.10, from which a rebound could occur
Otherwise, another minor support level sits around $0.09, where the price could extend its decline before potentially surging upward
Traders should prepare for the most bearish scenario, however, as the broader market remains in a downtrend, with Bitcoin [BTC] dropping below $80,000 for the first time in a week on the 8th of October
The Bull Bear Power (BBP), which measures the strength of buying and selling pressure to determine which side dominates the market, confirms that sellers are in control
The BBP has, in fact, formed one of its most bearish bars in the past 24 hours. Data from the TradingView daily chart shows that this is the most bearish bar the indicator has formed in four weeks, or exactly 29 days
This bearish sentiment could extend further and lead to additional losses, according to the Accumulation/Distribution (A/D) indicator, which has continued to fall deeper into negative territory
The negative territory on the A/D indicator suggests that investors are broadly selling the asset. Continued declines in the indicator would confirm persistent selling pressure and suggest that the asset could fall even further in the short term
Both indicators point to broader weakness, leaving further downside possible, with the lower support levels serving as key targets
An analysis of the Futures market shows that traders remain positioned for a bullish move, according to the Funding Rate chart
The Funding Rate measures the balance between long and short positions in the perpetual futures market, with the side holding the dominant position paying the periodic fee
At the time of writing, long traders were paying the fee, as the Funding Rate remained around 0.0032% on the chart. This suggests that bullish positions dominate the perpetual futures market, with $43.95 million concentrated on the long side
However, traders have maintained moderate positions, limiting their exposure to price movements at the time of writing
This outlook suggests that a rebound remains possible, meaning traders should not become overly bearish on CASHCAT at this point
The positive Funding Rate of 0.0032% suggests bullish positioning in the futures market, leaving room for a potential rebound despite bearish technical indicators
Olayiwola Dolapo is a Crypto Research Analyst at AMBCrypto, driven by a mission to make the digital asset space more transparent and understandable for all. His journey was catalyzed by an early experience in the market that underscored the importance of deep, foundational knowledge—a principle that now guides his professional work
