Top Altcoins Attracting Whales: Major Bullish Upswing Expected
The post Top Altcoins Attracting Whales: Major Bullish Upswing Expected appeared first on Coinpedia Fintech News
The altcoin industry has gradually gained bullish momentum as Bitcoin’s (BTC) price struggled to pump beyond $72k in the past four months. Binance’s native coin, BNB, led the altcoin industry in bullish sentiment after it pumped towards a new all-time high (ATH) above $700.
The renewed Bitcoin interest from institutional investors, depicted by the high cash inflows to the United States-based spot BTC ETF, has significantly helped improve the altcoins’ liquidity.
Moreover, more global investors are confident in the longevity of the crypto industry beyond the ongoing bull market.
#Cardano, #ShibaInu, and #Jasmy are all enjoying surges, each appearing to be triggered after a spike in whale interest. The amount of $100K+ transactions on each of these networks have all more than doubled this week compared to usual 2024 averages, signaling accumulation. pic.twitter.com/bz2Xtvf2Bx
— Santiment (@santimentfeed) June 5, 2024
According to on-chain data analysis provided by Santiment, whale activity in Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY) have all more than doubled this week compared to this year’s average. Specifically, on-chain transactions exceeding $100k on the above networks have experienced a sharp uptick this week, thus signaling heightened accumulation.
Cardano (ADA) Price Action
Since the bullish breakout of the Cardano price last year, the large-cap altcoin, with a fully diluted valuation of about $20 billion, has been consolidating in a megaphone structure year-to-date.
Having established a solid support level above 43 cents and the 50 weekly Moving Average (MA), ADA price against the US dollar is on the cusp of a major bullish uproar.
Shiba Inu Price Action
Amid the ongoing meme coin frenzy, Shiba Inu price has been attempting to mirror frog-themed Pepe (PEPE), and Floki Inu (FLOKI). The large-cap meme coin, with a fully diluted valuation of about $25 billion, has signaled an inevitable bullish pump after establishing a support level around $0.00021, which coincides with the weekly 0.618 Fibonacci Retracement.
JamsmyCoin (JASMY)
The mid-cap altcoin, with a market cap of about $1.8 billion and a daily average traded volume of around $211 million, has been rising since the beginning of the year. From a technical standpoint, JASMY’s price against the US dollar is attempting to enter a bullish phase as the weekly Relative Strength Index (RSI) hovers around 68 points.
