Santiment reports that it has recorded ‘unexpectedly large’ whale movements for 4 altcoins this week. According to the report, whales are centered around low- and medium-volume coins.
Altcoin hunters are after MTL, POWR, AERGO and DIA
According to the data, several mid- and low-volume altcoins have recorded significant bullish moves over the past week. Santiment recommends that investors follow such movements closely.
Last week MTL, POWR, AERGO and DIA recorded a marked increase in whale movements. Data from Santiment shows that on average, each of these altcoins has registered over $10 million in transactions. This was indicative of the increasing interest of altcoin whales in these projects.
Metal (MTL) records the highest trading volume
Metal (MTL) recorded $37,892,848 worth of transfer volume during the week under review. According to Santiment’s analysis, this move represents a capital injection that could happen in MTL. At the time of this writing, users did not see the effect of the capital injection on the MTL price, which has been in a tight range all week. MTL price is currently trading in the $1.03 region, where it moves sideways.
POWR’s price was little changed during the week despite posting a trading volume of $30,735,157. The price managed to bounce off a local low of $0.1532. However, its acceleration was not very fast. With a minor uptrend, POWR is attempting to break a short-term trendline around the current price level. Meanwhile, it is trading at $0.163458.
Between the set, AERGO recorded a spike caused by the capital injection. The price rallied significantly after bouncing off a local low of $0.1066 earlier in the week. The rally ended at $0.1400 before retracing. AERGO is currently trading at $0.1148, down 2.5%.
How has Bitcoin performed over the week?
The price of BTC re-entered the $26,000 range. Currently, the top of the region is trading in the $27,000 region.
According to CryptoQuant analyst Dan Lim, while variables such as the US recession and regulatory actions may affect the cryptocurrency market, the Bitcoin market has bottomed out and is starting a new bull cycle.
According to Lim, “Recently, only short-term investors are not very profitable. Also from a cycle perspective, the last bull period has been less than 6 months since the November 2022 bottom.” BTC is currently trading at 27,079.84 after oscillating in the $27,000 to $27,800 price range for several weeks. Investors have become increasingly wary of a possible drop to the $20,000 to $25,000 range. cryptocoin.comIn this article, we have included the forecasts of technical analyzes with a bearish expectation.