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PopCat Pump Incoming?
POPCATUSDT is following a region with technical confluence, that being the Daily S/R,.618 Fibonacci, Range Low and the VWAP support, there is a probability of a bounce around this region.
Bitcoin Insider
November 02, 2024 • Estimated Reading Time: 4 minutes
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In this Bitcoin Insider’s Issue, we will discuss POPCAT’USDT’s recent price action, it is approaching an area with strong technical confluence. Bullish price action will allow for a long directional play.
In recent news events, Tether Reports $2.5 Billion Net Profit in Q3 - bringing year-to-date profit to $7.7 billion as the market capitalisation of its flagship cryptocurrency
Today’s report will also include:
Updated Technical Analysis
Other key market developments
Wisdom Drops
POPCATUSDT Trade Setup
The local trend in POPCAT is bullish with consecutive higher lows and higher highs. It is currently establishing a new higher low as it trades closer to the range low of the current channel.
It is important to note that the channel low has multiple technical confluence, this includes the following.
Daily S/R Support
.618 Fibonacci
Range Low Support
VWAP Support
The immediate objective is the lower support confluence, how price action trades around here will dictate the immediate trend. POPCATUSDT is a valid long with defined risk around that region, price action is to be used upon discretion and management.
Hope the analysis helps. 🤝
Tether Reports $2.5 Billion Net Profit in Q3
Tether, a stablecoin issuer, announced a group-wide net profit of $2.5 billion for the third quarter, accumulating a total of $7.7 billion in profits for the year so far. This comes as the market cap of its main cryptocurrency, USDT, approaches $120 billion.
According to Tether's CEO Paolo Ardoino, $1.3 billion of these profits were from returns on U.S. Treasury bonds, and an additional $1.1 billion resulted from the increased value of their gold reserves, reflecting a roughly 15% rise in gold prices during that period.
As of September 30, Tether International Limited and Tether Limited, as verified by BDO Italy, reported total assets of $125.5 billion in reserves with liabilities amounting to $119.4 billion. This resulted in excess reserves for Tether's stablecoins totaling over $6 billion.
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Ignore the noise.
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2:02 PM • Nov 2, 2024
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