The new whale started collecting tokens on their radar. According to Lookonchain, one address purchased large amounts of SHIB Coin, BIGTIME, MKR, and Render RNDR. Crypto analyst Victor Olanrewaju looks at the technical picture of these 4 altcoins.
The new whale collects SHIB Coin and these 3 tokens!
cryptokoin.comAs you follow from , spot Bitcoin ETF continues to dominate the market. In the midst of these developments, whales are making interesting movements. According to on-chain analytics platform Lookonchain, a whale purchased large amounts of Shiba Inu (SHIB Coin), Big Time (BIGTIME), Maker (MKR) and Render (RNDR). Accordingly, the whale purchased 1.44 trillion SHIB Coins and 3 million BIGTIME from Binance and Gate.io. The addresses also attracted 650,527 RNDR and $1.9 million worth of MKR from Binance. According to analysts, the fact that the tokens are not held on the exchange indicates that the accumulation is long-term.
Shiba Inu (SHIB Coin) technical view
The new year didn’t start on a great note for meme-coin. According to CoinMarketCap, SHIB Coin has lost 11.57% of its value since 2024 began. However, the token is poised to reclaim $0.000010 based on MACD indicators. The MACD was positive at press time, indicating increasing upward momentum. The Aroon indicator also supports this. At the time of writing, Aroon Up (orange) is 71.34% while Aroon Down (blue) is down. This disparity is a sign that SHIB has more upside potential than downside.
Big Time (BIGTIME) technical view
Unlike SHIB, BIGTIME seems to deserve accumulation. This is due to its performance in the last 365 days, where its value has increased by 461%. It is possible for BIGTIME to repeat such a performance in the long term. However, according to the indicator obtained from the 4-hour chart, the short-term potential of the token may be insufficient. This is due to the Exponential Moving Average (EMA). At press time, the 50 EMA (yellow) has crossed above the 20 EMA (blue), indicating a bearish trend. As such, it is possible for BIGTIME to continue moving between $0.37 and $0.40.
Maker (MKR) technical outlook
MKR’s situation is different from BIGTIME and SHIB. The price increased by 6.16% in the last 24 hours. Thus, it became one of the best performers during the said period. At the time of writing, the price of MKR was $1,950. This represents its highest value since January 4. The Awesome Oscillator (AO) on the 4-hour time frame shows that the token has the potential to reach $2,000. AO is at 79.34 as of writing. It also indicates that the current upward trend will continue. Moreover, indicators from Bollinger Bands (BB) point to high volatility. In case MKR fails to reach $2,000, a move towards $1,975 remains an option.
Render (RNDR) technical view
RNDR’s price action dropped significantly between January 2 and 8. At press time, the token settled against the $3.50 support after rallying as high as $3.88. However, the RSI fell to 47.50. Therefore, it is difficult for the cryptocurrency to retest $5. If the RSI turns upside, RNDR is likely to surpass the $4.10 resistance. If this happens, it is possible for the RNDR price to reach $4.50. However, traders will need to pay attention to potential sales. If selling pressure increases, RNDR will likely remain below $4.
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