The whales are at it again. If you aren't a newcomer in the crypto space, you should know that crypto whales move large quantities of money via crypto, right before a big move in the market.
According to recent reports, the whales have been really busy.
They have been moving not one, but three major cryptocurrencies around and one has to wonder what's coming.
In this article, we will examine the whales' recent behaviour, and what it may mean for the crypto market at large.
We will also conduct a bit of technical analysis for each of these cryptocurrencies so that you know how possible a price movement is for them, and how quickly it may happen.
Let's jump in.
The details of this section would have been easy to miss. However, a quick look through the Whale Alert page on Twitter shows that on Wednesday this week, the crypto whales collectively moved almost $400 million worth of Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and Gnosis (GNO) in a single day.
According to one tweet from the whale activity tracking platform, Gemini, the new-york based crypto exchange transferred nearly $120 million worth of Bitcoin (a whopping 4000 $BTC) to a third unknown wallet.
In another tweet, Whale Alert drew attention to Coinbase transferring more than $74.3 million worth of $BTC (2,500 Bitcoin) to an unknown wallet, while a third unknown wallet sent another fresh $77.8 million worth of BTC (2,616 $BTC) into the exchange.
Ethereum wasn't left out of the equation. Just like Bitcoin with Coinbase and Gemini, Gate.io also received $27.8 million worth of ETH from an unknown wallet, with Coinbase receiving two large ETH transactions of its own.
Whale Alert mentions that Coinbase received 19,046 ETH worth roughly $34.9 million from one unknown wallet, and a fresh 18,920 ETH worth more than $35.1 million from another.
This makes Coinbase's inflows about $70 million worth of ETH and $77.8 million worth of BTC.
However, Coinbase wasn't done yet.
The crypto exchange also received 67,881,717 DOGE from an unknown wallet (which is worth a little over $5 million).
This makes Coinbase's share of the total ~$400 million about $152 million (about 38%) in total.
Usually, when these "unknown" whales transfer crypto into exchanges, they do so to sell. One can only imagine what happens to the ability of crypto prices to rise, if $400 million worth of liquidity suddenly floods the market.
This leads to the next question:
What's happening with these cryptocurrencies' prices, and how do their long-to-short ratios look?
Bitcoin's price has been held up by its 100-day MA (blue line) so far, which has remained strong throughout the year, except for a momentary breakdown that happened sometime around July.
After hitting $31,000 and being rejected back into a range between $28,000 and $30,000, Bitcoin has shown an exceptional inability to break through $30,000 and stay there.
According to CoinGlass, the bulls and bears appear to be evenly matched on all exchanges, according to the Long and Short ratio.
In particular, the bears have a 50.25% hold on the market, while the bulls have a 49.75% hold on the market over the last 24 hours, as illustrated above.
This means that while the playing field is more or less even, the Bears may have a little bit of an upper hand when compared to the Bulls.
Ethereum is having a slightly worse day than Bitcoin, according to the charts.
While Bitcoin is held up by its 100-day moving average (blue line), Ethereum is sitting right on top of its own and is on the verge of breaking through to the underside.
On the brighter side, however, we can see that Ethereum is in a symmetric triangle, and may even be trying to break out somewhere above the $1,870 zone.
On the other hand, the cryptocurrency's RSI sits slightly below the neutral zone, indicating that the bears may be stronger than the bulls in this fight.
This paints the same scenario as Bitcoin between bull and bear.
Like Bitcoin, Ethereum also seems to be having the same issue with its bulls and bears.
CoinGlass data shows that Ethereum's bulls and bears may be on an even footing.
Like Bitcoin, Ethereum's sellers have a 50.03% dominance over the last 24 hours, while the bulls have a slightly smaller 49.97% dominance.
Dogecoin's price action has been largely bearish over the better part of the year.
A look at the charts shows that Dogecoin has been in a descending channel since November 2022.
However, Dogecoin also appears to be ascending within the channel and may be poised for a massive breakout very soon.
It is currently held up by its 100-day moving average, while its RSI signal line and MACD appear to be on the verge of a bullish crossover,
This is one of the key ingredients of a breakout, and Dogecoin may be headed for better days ahead.
Interestingly, Dogecoin tells the same story as Bitcoin and Ethereum in terms of Long to SHort ratio.
The sellers also happen to have a slightly stronger hand over the market, with a 50.26% hold over the last 24 hours. The Bulls also come in next, with a 49.74% dominance.
Whales sending their crypto into centralized exchanges can only mean that they intend to sell them.
However, it's also possible that the whales are simply moving their crypto to more secure wallets
While nearly $400 million worth of liquidity suddenly entering the market may be very detrimental, it is important to note that these whales would likely not sell it all in one go.
This might cushion the effect of such a large amount of liquidity entering the market, and postpone any sudden liquidations that would kick thousands of traders out of their trades.
Overall, Dogecoin is one of the cryptos on this list that is worth keeping an eye out for. One never knows when the king of memecoins becomes ready to make its move.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.