Market
What Crypto Whales Bought This Week: AAVE, ADA, AVAX
Investors often monitor the buying patterns of crypto whales, as these large players can heavily influence market prices. The first week of November 2024 has been no exception, with whales funneling substantial funds into several altcoins.
In this analysis, BeInCrypto examines the altcoins that have attracted these significant investments and why whales are buying them. The top three include Aave (AAVE), Cardano (ADA), and Avalanche (AVAX).
Aave (AAVE)
AAVE, the native token of the decentralized lending platform Aave, is among the altcoins that crypto whales have bought this week. This trend is closely linked to Donald Trump’s recent election victory and his launch of a crypto project using the protocol, which has drawn increased interest in AAVE and other DeFi tokens.
Data from IntoTheBlock reveals that Aave’s large holders’ netflow surged by 1,000% over the last seven days, indicating substantial whale accumulation outpacing sales.
This influx of whales has also positively impacted AAVE’s price, reinforcing the significance of their buying power in the market.
At press time, AAVE’s price was $182.95, representing a 27% hike in the last 30 days. Should whales continue to buy the token, the price can increase. On the other hand, if these investors opt against that, the altcoin’s value might drop.
Cardano (ADA)
Cardano is also another altcoin that crypto whales bought this week. According to Santiment, the balance of addresses holding between 100 million to 1 billion ADA was 2.83 billion on October 31.
Today, that figure has increased to 2.96 billion, meaning crypto whales bought 130 million ADA this week. At the altcoin’s current price, this amounts to 55.90 million. Due to the purchase, ADA’s price increased by 25.31% in the last seven days and is the performing altcoin out of the top 10 cryptocurrencies.
Should whales continue to accumulate more tokens, ADA’s price might continue to increase. Otherwise, the altcoin’s value might decrease.
Avalanche (AVAX)
Last on the list of altcoins that crypto whales bought is Avalanche (AVAX). On November 6, AVAX large holders’ netflow was -85,700, indicating that Whales had sold a lot of the altcoin.
But as reports spread that BlacRock could launch its tokenization Fund on the Avalanche blockchain, things changed, and whales began to buy the token. As of this writing, the large holder’s netflow is 533,580, meaning that these stakeholders purchased over $15 million worth of the token.
This accumulation also impacted AVAX’s price, which saw a 12% hike to $28.2 this week. Thus, if the altcoin continues to see such accumulation, the price can go higher. If not, it could consolidate or trade lower.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Solana (SOL) Price Could Achieve Its Highest Point in 8 Months
Solana (SOL) price is showing some promising signs, with the coin up almost 20% in the last week, but caution is required. While recent indicators reveal strong upward momentum, the sustainability of this trend remains in question.
The current BBTrend suggests that SOL’s recent price surge may be influenced by broader market conditions rather than a standalone rally.
SOL BBTrend Isn’t That Big Yet
The BBTrend indicator for SOL is currently at 2.53. Just days ago, it dropped close to -10, indicating extreme bearish pressure, before recovering slightly. This recovery suggests that some buying interest has returned.
BBTrend, or Bollinger Band Trend, measures momentum in relation to the Bollinger Bands. When the value is positive, it indicates price strength, while negative values imply weakness. A BBTrend of 2.53 for Solana shows that it is starting to gain positive momentum after the previous decline.
This shows that the recent pump could be the result of the overall market pumping and BTC reaching new all-time highs, as SOL BBTrend doesn’t look that bullish.
Solana Current Uptrend Is Very Strong
The DMI chart for Solana (SOL) shows the ADX at 47.3, a significant increase from nearly 10 just a week ago.
This sharp rise indicates that the strength of SOL’s trend has intensified considerably in a short period.
The Average Directional Index (ADX) measures the strength of a trend, regardless of direction. An ADX below 20 usually implies a weak trend, while a value above 25 suggests a strong trend. With an ADX at 47.3, SOL is clearly in a powerful trend.
Alongside this, the +DI (Directional Indicator) is at 37 and the -DI at 6.1, signaling that buying pressure is much stronger than selling pressure. Since SOL is in an uptrend, this combination highlights a strong and accelerating bullish move, indicating that buyers are firmly in control.
SOL Price Prediction: It Will Break $210 Next?
The EMA lines for Solana are showing a very bullish pattern. SOL price is positioned above all the EMA lines, and the shorter-term EMAs are stacked above the longer-term ones.
Additionally, the distance between these lines is significant, highlighting strong upward momentum and a clear trend direction.
If this uptrend continues, SOL is likely to test the $210 resistance level. That would be its biggest price since March. However, as indicated by the BBTrend, the current momentum could be heavily influenced by broader market sentiment and Bitcoin’s performance.
If this external momentum weakens, SOL might face challenges and potentially test support levels around $179 or even drop further to $165. The key lies in how long the broader market can sustain the current positive momentum.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
What SHIB Technical Setup Tells About the Price Action
Shiba Inu (SHIB) appears ready to extend its recent gains, as the daily technical technical setup suggests that the meme coin may be primed for a 30% rally. Also, key support levels and increasing buying pressure indicate favorable conditions for an upward move.
But can SHIB’s price rise higher than it has this week? This analysis looks at the possibility.
Shiba Inu Forms Cup-and-Handle Pattern
On the daily chart, BeInCrypto observed that SHIB has formed a cup-and-handle pattern. The cup and handle is a bullish technical chart pattern that resembles the shape of a “U” (the cup) followed by a slight downward drift (the handle). This pattern indicates the potential continuation of an uptrend.
As seen below, the SHIB technical setup shows that the meme coin formed the cup between mid-July and early October. During this period, the token moved between $0.000013 and $0.00018.
The handle, however, formed earlier last month and is still in place at the time of writing. This suggests that SHIB’s price could be ready for a significant breakout. Therefore, if buying pressure increases, the meme coin’s value might soar higher than $0.000019.
Meanwhile, the Money Flow Index (MFI) indicates growing buying pressure, further supporting the potential for a continued uptrend.
The MFI is a technical oscillator that combines price and volume data to assess an asset’s buying and selling pressure. It moves between 0 and 100, with values above 80 often indicating an overbought condition and values below 20 suggesting an oversold market.
When the MFI reading drops, it means that selling pressure is present. However, the indicator is currently rising, indicating that investors have resolved to buy SHIB. Hence, if this remains the same, the meme coin’s value might continue to rise.
SHIB Price Prediction: Target Aimed at $0.000025
Another look at the daily chart shows that SHIB faces resistance around its current value. However, with the buying pressure indicated by the MFI, it can overcome the obstacle.
BeInCrypto also used the Fibonacci retracement index to analyze the extent to which the SHIB technical setup can take the meme coin.
Fibonacci retracement levels are horizontal lines drawn on a price chart to identify potential support and resistance levels. These levels correspond to key Fibonacci ratios (23.6%, 38.2%, 50%, 61.8%, and 100%).
If the price bounces off these levels, it suggests that the previous trend may continue in the same direction. As seen below, SHIB’s price has bounced off the 61.8% level. As such, the token’s price might increase by 30% to $0.000025.
On the other hand, if the token fails to breach $0.000020, this prediction might not come to pass. Instead, SHIB might drop to $0.000015.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why SUNDOG Price Surge May Signal a Bull Trap Ahead
Tron-based meme coin Sundog (SUNDOG) has surged by 8% in the past 24 hours, breaking above a falling wedge pattern it had traded within since September.
However, BeInCrypto’s analysis of the meme coin’s technical setup indicates that the recent rally could be a false breakout. This assessment dives into the reasons behind it and outlines key signals for SUNDOG holders to watch closely.
SUNDOG’s Surge May Cause a Bull Trap
An assessment of the SUNDOG/USD one-day chart has revealed that the meme coin broke above the upper line of its falling wedge during Thursday’s intraday trading session. This pattern is formed when an asset’s price moves between two descending trend lines, with the upper line acting as resistance and the lower line as support.
A breakout above the wedge’s upper trendline is a bullish move. It suggests buyers are gaining strength over sellers and hints at a sustained price increase. However, a closer look at some of SUNDOG’s momentum indicators suggests that this rally may be a false breakout, potentially setting up a bull trap.
A bull trap occurs when an asset’s price briefly breaks above a key resistance level which would usually signify a positive shift in trend. However, instead of continuing the uptrend, the price falls again, ‘trapping” those who bought in on the bullish signal.
The setup of SUNDOG’s Super Trend Line is a notable indicator of this potential bull trap. At press time, the red line of the indicator rests above SUNDOG’s price.
The Super Trend indicator tracks the overall direction and strength of an asset’s price trend. It appears as a line on the price chart that changes color according to the trend’s direction: green for an uptrend and red for a downtrend.
When the Super Trend line appears below the asset’s price, it indicates an uptrend, suggesting bullish momentum may persist. On the other hand, when the Super Trend line turns red and appears above an asset’s price, bearish pressure is strong.
Additionally, the negative readings of SUNDOG’s Balance of Power (BoP) confirm the possibility of a price reversal in the near term. As of this writing, the meme coin’s BoP stands at -0.82 despite its price uptick.
This indicator measures the strength of buyers versus sellers in the market. A negative BoP suggests sellers are in control and attempting to push the asset’s price downward.
SUNDOG Price Prediction: If Retest Fails…
A combined reading of SUNDOG’s Super Trend and BoP indicators suggests that its breakout above the upper line of the falling wedge may occasion a bull trap when the retest attempt of the resistance line fails due to strong bearish sentiments in the market.
At press time, SUNDOG trades at $0.13. A reversal of its uptrend due to strengthening bearish pressure may see its price drop to $0.09, where support lies. However, if the uptrend persists, SUNDOG’s price may rally toward $0.20.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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