Lookonchain announced that a whale deposited a large amount of Optimism (OP) on Binance. Crypto whales, on the other hand, are betting less on UNI. However, these altcoin whales are taking a cautious approach.
Whales sold large amount of OPs
Blockchain tracking firm Lookonchain shared earlier today that a whale has recently deposited a large amount of Optimism (OP) into Binance. Accordingly, the whale transferred 1.04 million OPs worth approximately $1.48 million. Lookonchain stated that shortly after making the large deposit, the whale sold some of the OP tokens at a loss. The analytics firm noted that probably the whale did this because the OP feared the o-un-lock event that would take place today. He also stated that this too could result in millions of OPs being sold in the coming hours.
At press time, the altcoin price has seen a 3.62% drop over the past 24 hours. Thus, it declined to the $1.47 level. During this time, OP also lost 1.30% and 1.90%, respectively, against the two leaders of the crypto market, Bitcoin (BTC) and Ethereum (ETH). As a result, the price of 1 OP dropped to 0.00005426 BTC and 0.0007878 ETH.
Daily chart for OP / Source: TradingViewCrypto analyst Steven Walgenbach assesses the OP’s technical outlook. The daily chart for the OP shows that the altcoin has been in a bearish trend since April 19, 2023. Since then, the altcoin has fallen below two key support levels. It also turned them into resistance as a result. The first key level breached was $2,399, below which the OP fell on April 21, 2023.
Later, the price of the OP closed below $1,927 on May 6, 2023. At press time, the crypto price was hovering just above the $1,362 support level. The 9-day EMA is still bearish below the 20-day EMA. This suggests that the OP’s price will continue to decline over the next 24 hours. However, the daily RSI line is positively sloped. If the RSI crosses the SMA, the OP will enter a bullish cycle.
These alt whales take a cautious approach
Crypto whales are betting less on UNI. Even during the recent price spike, the whales were not convinced, as evidenced by the drop in trading activity. The chart below from IntoTheBlock shows that Major Transactions involving UNI have dropped 21% in the past week. On May 24, the whales processed 38 transactions in excess of $100,000. But at the close of May 30, only 22 numbers of such transactions were recorded.
Uniswap whale operations / Source: IntoTheBlockThe Large Transactions metric assesses the level of whale activity by summing up the number of confirmed transactions worth over $100,000. When it drops significantly, it indicates low confidence among whale investors. Given the overwhelming bearish sentiment surrounding Uniswap, it appears that major institutional investors are taking a hawkish position as they wait for the downtrend to end. Moreover, whale transactions provide the market with much-needed liquidity. Hence, it is possible that this drop in market liquidity will push the UNI price down.
Are whales fueling this altcoin price?
As you follow on Kriptokoin.com, Linear Finance (LINA) has taken a storm in the market recently. The altcoin price has gained 99% over the past 7 days. According to recent on-chain data, this may be due to manipulation of whales. Because the rise of the altcoin price has been quite remarkable. LINA jumped from $0.10 on May 27 to $0.22 today. This nearly 120 percent rise in altcoin price probably got the whales moving. Meanwhile, Lookonchain points out that a single whale controls more than 10% of the token supply.
Whales both beat and buy in this altcoin
Another altcoin with high whale activity was Arbitrum (ARB). However, ARB whales move bidirectionally, not unidirectionally. In other words, whales are very active not only in sales but also in purchasing. Accordingly, whales holding 10 million to 100 million ARBs sold 190 million tokens between May 18-30. On the other hand, whales holding 100,000 to 10 million ARBs opted to buy 191.2 million tokens.
PEPE price ready for another 15% drop!
Crypto analyst Filip L looks at the technical indicators of the recently popular meme coin PEPE. PEPE price is stuck in a consolidation phase that is expected to actually last until the last possible candle. Although there was a slight bullish breakout as a result, the bulls did not like to stay above $0.0014700 for long. Once the price action started giving signals below this level, it didn’t take long for the bears to come and push the price action below this level.
Technically speaking, PEPE seems to be looking for some support. But each time it has to fall further. Only one real supporting area on the chart has good prospects to support PEPE. It has already done this in the past with the double bottom on May 12 at $0.0010000. This means that the bulls must withstand another 15% drop before finally forcing a reversal.
PEPE 4-hour chartOne element that might frighten the bears preemptively is the RSI, which is quite tense in the oversold zone. It is possible to see an earlier reversal if no new bearish pressure is added to the current situation. Aquick U-turn towards $0.0014700, if the aforementioned $0.0014700 level witnesses the uptrend, there are chances of a move up to $0.0016000. However, this is very unlikely.
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