Two large-volume altcoins listed by Binance are gaining bearish momentum despite support from whales. Technical analysis shows that eroded critical support levels could result in further declines.
SHIB remains in the red despite accumulation of altcoin whales
According to data from Etherscan, SHIB whales made a total of nearly 30 billion purchases in less than an hour. In the last hour, the first major investor bought 4.4 billion tokens from Binance, followed by another investor who bought 19.9 billion SHIB from Coinbase.
Also, another investor bought 48.6 million SHIB from Binance. Other major transactions recorded include 1.6 billion SHIB, 2 billion SHIB, and 13.5 billion transfers between unknown wallets.
🚨 🚨 3,484,812,794,902 #SHIB (40,284,435 USD) transferred from unknown wallet to unknown wallethttps://t.co/W1gioFya4q
— Whale Alert (@whale_alert) April 16, 2023
Recent purchases were not the biggest transactions of the week. 3 days ago, a Shiba Inu whale bought 3.48 trillion SHIB, making it the 29th largest Shiba Inu owner. The acquisition, Shibarium Beta Testnet, demonstrated the growing interest of crypto whales in SHIB after the Puppynet launch.
The top 100 Ethereum whales have accumulated over $601.2 million in SHIB, which makes up almost 12% of their combined portfolio. On average, each wallet holds 496,214,650,935 SHIBs and is worth over $6 million.
SHIB keeps falling
Despite the buying spree, the SHIB price is falling. At the time of writing, SHIB is trading at $0.00001061, down 3.2% in the last 24 hours.
A possible explanation for this latest downtrend could be the performance of the crypto market, which has affected many altcoins. The leading cryptocurrency Bitcoin is experiencing a significant price drop that has a ripple effect on the entire market.
Another possible factor could be an oversupply of SHIB. Additionally, investors who bought SHIB during the initial excitement may have sold their tokens to make a profit, resulting in a price drop. Meanwhile, in the past 3 days, approximately $500 million has been removed from SHIB’s market cap, which has further reduced the market cap valuation.
Polkadot bears are back on the scene: Altcoin could revisit this level
Polkadot price has been rallying for the past few days, but failed to sustain the momentum as the bulls’ advance stalled at pressure time. The altcoin has slumped 4% in the last 24 hours, which caused almost 1% depreciation on the weekly timeframe, erasing most of the weekly gains.
The technical outlook for the DOT shows signs that the downtrend is increasing. It is currently trading below a key resistance level. The resistance level needs to be overcome for the bulls to experience some relief.
However, demand and accumulation remain low on the one-day chart, which is worrying. If the bears press again, Polkadot could drop directly to the local support level. The strength of the broader market will be crucial for Polkadot to regain its lost value.
What does technical analysis say about DOT?
Polkadot price is hovering around $6 with the overhead resistance of $6.60, a crucial level for the altcoin. This level had previously acted as a bearish block or sell zone. If the DOT manages to surpass the $6.60 price level, it could face another resistance at $6.80 before eventually reaching $7.
However, if it fails to break the overall ceiling, the next support levels will be $6 and then $5.80, respectively. The amount of DOT traded in the last session was in red, which indicates that demand has dropped. Overall, Polkadot price action is largely dependent on the ability to surpass the critical resistance level of $6.60.
Meanwhile, after a long hiatus, news of two new important partnerships came from Polkadot. cryptocoin.comWe have included the details of Fetch.AI and Peaq partnership in this article.
