Say what you will about the whales, but these investors often make the smartest and most patient moves in the crypto market.
Every once in a while, we see a smart crypto whale make a move, right before the market reacts.
Investors who get in on the whale's signals often make the same percentage profit (or loss) as said whale—and this time around, it appears we have a massive one in the net.
According to a new report from LookOnChain, a whale just liquidated all of its PEPE holdings ($6 million) and has instead shifted towards four new altcoins.
Does this whale know something we don't?
Are there any pointers in the charts as to what this whale might be hoping to achieve?
Let's go over a few details.
LookOnChain notes that Shiba Inu is the first cryptocurrency this whale spent their holdings on.
According to data from Coingecko, Shiba Inu has experienced some downtime over the last day, as shown by the 4.9% decline.
However, on all other timeframes, the cryptocurrency is picking up speed.
Shiba Inu is up by around 39% over the last week and by 32% over the last month.
According to the chart above, we can see that Shiba Inu broke above the $0.00012 zone this week, after rebounding off the $0.000008 support in January.
The cryptocurrency is now aiming for a retest (and possible break) above the $0.00001575 high, last seen in February 2023, more than a year ago.
Does this whale expect to sell at this $0.00001575 zone, or do they expect a break above and a potential rally straight up to $0.000017?
Nobody knows. What we do know is that if SHIB ever hit this $0.000017 zone, we would have registered a 40% price increase from current price levels.
Just like the Sandbox, Decentraland is one of the biggest metaverse projects on the market.
According to the snapshot above, the cryptocurrency is performing really well on all timeframes but is showing some weakness on its yearly.
This indicates a massive "buy the dip" opportunity on the cryptocurrency, explaining why the whale chose MANA.
Aside from this, there might be other good reasons why this whale decided to buy MANA, as we will soon see.
It turns out that the $0.65 zone has been one of the biggest obstacles to MANA's growth since November 2022, when the cryptocurrency first broke below.
This resistance is one of the strongest on the cryptocurrency's chart, and might hold the key to a massive MANA rally, straight up to the next major resistance zone around $1.12!
As we mentioned earlier, SAND is one of the largest metaverse projects out there, along with Decentraland (MANA).
Just like Decentraland, the cryptocurrency is up by a wide margin on several timeframes but is performing poorly on the yearly timeframe.
In essence, it means that the cryptocurrency has had some long-standing history with bearishness, that the whales may be trying to take advantage of.
As shown by the chart above, SAND is attempting a break above the $0.62, after being stuck under since April 2023.
If we see a break above this $0.62 zone, SAND might be poised to rally straight up to around $1.53, or even higher.
What is most interesting about these cryptocurrencies picked by this whale, is that all have been bearish for so long.
As shown by the snapshot above, GALA is performing extraordinarily on all timeframes, going as far up as 76% over the last three months.
However, the cryptocurrency still has some scores to settle within the yearly timeframe.
As shown by the chart above, the $0.04 resistance was bombarded by the bears for more than a year, before giving way in April 2023.
At the time of writing, GALA is attempting to break above this price level once again and could be on the verge of hitting the closest major resistance around $0.07 very soon in an 80% rally to the upside.
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.