The post POPCAT eyes 3x surge as whales invest $80M, but what about spot traders? appeared on BitcoinEthereumNews.com.

POPCAT recently breached through a descending channel and may be eyeing a major price push Despite whales’ backing from Bybit, Binance, and Hyperliquid, spot traders in the market will play a key role POPCAT gained by 37% in the last 24 hours, in addition to its bullish movement over the past week. Owing to the same, the altcoin is now returning 41% for investors who purchased the asset over the past month. While the sentiment remains predominantly bullish, especially with high whale interest and a bullish technical setup, AMBCrypto spotted some factors that could hinder the asset’s potential rally. Bullish breakout on the edge POPCAT has presented a setup for a possible price rally on the chart, with the formation of a descending price channel. This pattern is formed by parallel support and resistance lines. According to the same, if the momentum driving POPCAT’s movement is sustained and the asset manages to breach the resistance level, the price could hit $0.9822. This would represent a 370% price boom. Source: TradingView For a 3.7x rally to occur, it’s likely that the price retraces along the way, rather than a single upswing. However, if the overall bullish market sentiment holds true, POPCAT could eventually breach this level, trading as high as $2.08. Whales are after a rally An analysis of Coinglass’s long-to-short ratio and the market’s Open Interest revealed that whales have been pushing for a major price rally. First off, the broader market sentiment remains bullish, with the buying volume in the market exceeding that from sellers. This was evidenced by the long-to-short ratio having a reading of 1.0513. When this ratio crosses 1, it implies a bullish market phase. On the contrary, below 1 implies that bears or sellers are dominant, with more downside to come. Further analysis showed that…

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Filed under: News - @ April 12, 2025 5:22 am