The post Crypto Whales Are Stacking These Coins During the Dip! appeared first on Coinpedia Fintech News
As the Bitcoin price struggles to sustain dominance above $57,000, the underlying weakness in the crypto market is starting to show up. With the intraday drop of 1.47%, the BTC price is $57,103.
Despite the bearish signal, the whales are looking to buy hidden altcoin gems at a lower price in the bear market. So, here are the top 3 coins the whales are buying despite the lower low formation in the crypto market.
Top Cryptos To Watch AAVE (AAVE)With the Aave price trading at $130 and the Aave founder selling off 6 million worth of Aave tokens, the Aave whales are on a buying spree.
In recent events, two Aave whales have bought 2.2 million worth of Aave tokens, ignoring the market noise. Further, another whale, “0xa92,” withdrew 50,605 AAVE tokens worth $6.8M with a current holding of 125,605 AAVE tokens worth $16.7M.
With the bullish trend in motion, the crypto price is likely to surpass the $142 resistance for a new rally above the $150 psychological mark. The next target level based on the Fibonacci level stands at $182 at the 1.618 Fibonacci level.
Dogwifhat (WIF)Coming to the second coin on our list, the whales are buying the WIF meme coin. The largest holder of WIF has spent $1.54 million USDC to buy 800,556 WIF tokens at $1.92. This whale currently holds 28 million WIF tokens, which are worth $53.23 million. Meanwhile, the profit is well above $77 million.
Further, another WIF whale bought 9.57M WIF tokens worth $13.59M.
In a falling wedge pattern, the WIF price trades at $1.59 following the 9.95% jump yesterday. However, the bullish exhaustion leads to a 2.5% intraday drop, with a death cross between the 50-day and 200-day EMA.
Hence, based on the Fibonacci level, the next resistance beyond the 200-day EMA at $1.83 is the 23.60% level at the $2.00 psychological mark. With the continued interest in whales, the crypto could ignite a breakout rally to reach the 61.80% Fibonacci level at $3.31.
Bitcoin (BTC)With the lower price rejection from $55,852 yesterday, the bullish exhaustion in Bitcoin is visible. Further, with an increased chance of a death cross, the BTC price is struggling to sustain above the $57,000 mark.
Nevertheless, the whales continue their buying spree in a declining trend of Bitcoin. A surge of 283 new wallets holding at least 100 BTC in the past month signals a stealthy buying spree. According to Santiment data, the number of wallets with 100 or more Bitcoins has reached a 17-month high of 16,120.
In a specific instance, a whale entity withdrew 2,000 BTC worth $117M at an average price of $58,525. With this move, the crypto price surged 3.18% on September 2nd, reflecting the intense bullish impact of whale movements.
Will increased whale activity drive Bitcoin back to $70K+ levels in 2024? Check out our Bitcoin price prediction for 2024-2030 to find out.