Crypto Whales Take Action Amid Market Growth
The cryptocurrency market is surging following encouraging inflation data from the US economy. December’s Consumer Price Index (CPI) showed a 2.7% year-over-year increase, calming fears of aggressive rate hikes and boosting risk sentiment across financial markets. Amid this backdrop, crypto whales – individuals or entities holding vast amounts of cryptocurrency – are strategically increasing their holdings in select tokens rather than succumbing to impulsive buying.
Dogecoin (DOGE): Revival of Interest from Whales
Dogecoin (DOGE) is once again catching the eye of whales as it rides the market’s upward wave. Over the past 24 hours, DOGE has risen 5.9%, accumulating 7.6% in 30-day gains. On-chain data reveals that whales holding between 10 million and 100 million DOGE boosted their holdings by 160 million tokens, equivalent to $23.5 million. This surge signals keen interest as DOGE regained both its 20-day and 50-day exponential moving averages (EMAs).
Historically, a similar scenario occurred in July when DOGE’s price later rallied by over 70%. Technical indicators now suggest that the next resistance level is $0.154. Should DOGE surpass that and claim the 100-day and 200-day EMAs as support, price levels of $0.209 could become a reality. Conversely, failure to maintain the 20-day and 50-day EMAs could result in a retreat toward $0.115.
Discover more about DOGE’s technical trends here.
Chainlink (LINK): A Gradual Whale Reentry
Chainlink (LINK) has also experienced a notable whale presence. Its price has climbed by approximately 6% within the last 24 hours, and whales have added 220,000 LINK tokens to their portfolios, equating to $3.1 million. This measured accumulation coincides with the price testing a pivotal resistance zone outlined in a cup-and-handle chart pattern.
For LINK to continue its upward momentum, it must break the $14.10 level and secure strength above $15.04, potentially targeting highs of $17.62. On the downside, losing support at $12.97 or dropping below $11.73 altogether could invalidate this bullish setup.
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Uniswap (UNI): Cautious Accumulation Amidst Gains
Uniswap (UNI) has also captured whale attention with its price increasing by 5.5% in the last day. However, accumulation remains cautious as whales carefully monitor the price’s interaction with UNI’s 20-day EMA. Historically, successfully reclaiming the 20-day EMA has signaled stronger bullish movements for the token.
If UNI manages to break key resistance levels at $5.98 and $6.57, it could aim for $8.13 in a bullish market. However, traders should proceed carefully, as failure to maintain support above $5.28 could lead to a decline toward $4.74.
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Conclusion: Strategic Buying Over Fear of Missing Out
Informed and strategic whale behavior underscores confidence in select assets with solid technical setups. However, as with all market movements, investors are advised to stay informed and seek professional guidance when making investment decisions. Whether you’re looking into DOGE, LINK, or UNI, make sure to analyze the market thoroughly.
