POPCAT Jumps 37% Backed by Whale Investments
Key Takeaways
- POPCAT has seen a 37% price increase in the past 24 hours.
- Major investors (“whales”) have invested over USD 80 million in POPCAT.
- Technical analysis points to a potential price target of up to USD 2.08.
- Spot traders are behaving differently – currently taking profits.
Technical Outlook: Price Breakout Possible
POPCAT recently broke out of a so-called “Descending Channel” pattern. This chart pattern is defined by downward-sloping parallel lines – an upper resistance line and a lower support line. When the upper line is breached, it can signal an upward trend.
The next technical price target is currently USD 0.9822. This would represent a price increase of approximately 370% compared to the previous level. If the upward momentum continues, the price could even rise to as much as USD 2.08 in the long term. However, such an increase is unlikely to be linear. Temporary pullbacks are likely.
Whales Are Driving the Market
A look at data from Coinglass shows: Market sentiment is mostly positive. The so-called long-to-short ratio currently stands at 1.0513. Values above 1 indicate that more market participants are betting on rising prices than falling ones.
The behaviour of major investors is particularly noteworthy. On platforms such as Bybit, Binance, and Hyperliquid, these whales hold open positions worth over USD 80.7 million. This accounts for around 63% of the total open interest of USD 127.89 million.
These investors are primarily betting on rising prices (long positions). Traders who bet against them have suffered losses totalling USD 1.24 million in the past 24 hours. Such liquidations often amplify short-term price increases.
Spot Traders Are Slowing the Uptrend
Despite positive signals from the derivatives market, spot traders are showing restraint. According to current data, POPCAT tokens worth approximately USD 850,000 have recently been transferred to trading platforms – an indication of selling intentions.
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Such activity suggests that long-term investors are taking profits. They are moving their holdings from private wallets to exchanges in order to sell. These sales can slow the price increase, especially if they occur on a larger scale.
Our Assessment
POPCAT currently shows a strong technical setup with the potential for significant price gains. Support from major investors reinforces this trend. However, the activity of spot traders should not be underestimated. If many investors take profits at the same time, it can slow down the momentum.
For short-term-oriented traders, this presents an interesting opportunity – albeit with increased volatility. In the long term, it remains to be seen whether POPCAT can sustainably break through the resistance level.
Sources
- TradingView
- Coinglass
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