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- The ETH bought has slipped into loss but there is a good chance of recovery in the short term.
- LINK’s buying momentum had become weak, suggesting a drop below $15.
- SNX may fall below $3.55 but it could be a good entry point for long-term holders.
Amid the recent market rally, one whale wallet has been spotted going on a buying spree for particular cryptocurrencies. Some of these altcoins include Ethereum (ETH), Chainlink (LINK), and Synthetix (SNX), according to on-chain analytics provider Lookonchain.
Previously on November 6, Lookonchain spotted a certain ‘smart money’ wallet accumulating LINK, and it appears they have been back at it again. Most recently, the wallet bought 400,625 LINK at $13.71. They also acquired 425.5 ETH at an average price of $2,210 and $110,000 worth of SNX at an average price of $3.85.
2/ The whale is long $ETH.3 hours ago, the whale withdrew 450 $ETH($987K) from #Bybit, deposited it into #Aave and borrowed 1M $USDT, then used the 1M $USDT to buy 452.5 $ETH at $2,210. pic.twitter.com/qogG0IyPuj— Lookonchain (@lookonchain) December 4, 2023
Considering the market prices at press time, their LINK buy would still be in profit as the price was $15.32. The ETH accumulated would have dropped slightly into a loss while SNX would have also done the same, as the price was $3.58 at the time of writing.
Ethereum (ETH)
A sharp red candle on ETH’s 4-hour chart left it at $2,205. However, this price drop may not be 7 enough to invalidate the bullish thesis.
One reason for this is the Exponential Moving Average (EMA). As of this writing, the 9-day EMA (blue) had crossed over the 20 EMA (yellow). This position is considered bullish.
ETH/USD 4-Hour Chart (Source: TradingView)
Thus, if some large buy orders come into the ETH market, the price may be able to climb above $2,240. If this is the case, then the said whale can get back into gains.
Chainlink (LINK)
LINK’s market structure was similar to ETH. Like the top altcoin, selling pressure had plunged the LINK price below $16. But unlike ETH, which appears to be recovering, LINK may not. At the time of writing, the Awesome Oscillator (AO) had trended downwards.
The falling histogram (in red) of the AO implies that momentum around LINK was bearish. So, the altcoin may fall below $15. This projection was also supported by the Relative Strength Index (RSI). As of this writing, the RSI was 45.98, suggesting weakness in the buying momentum.
LINK/USD 4-Hour Chart (Source: TradingView)
Synthetic (SNX)
SNX began its uptrend around December when the price was $3.31. As buying pressure increased, the token was able to rise to $3.89. But the bullish structure turned bearish not long after the aforementioned whale bought the token at $3.85.
Based on the Money Flow Index (MFI), SNX appears unlikely to retest $3.85 soon. At press time, the MFI had dropped to 23.73. This reversal was because the indicator tapped an overbought point of 93.60 on December 3.
SNX/USD 4-Hour Chart (Source: TradingView)
However, if the SNX price drops below $3.56, it could be a good entry point for those looking to hold the token. Some of the other tokens accumulated by the smart money trader include PRIME, RBN, and WrappedTAO (WTAO).
The post Whale Still Accumulating ETH, LINK and SNX: Is the Portfolio In Green? appeared first on Coin Edition.