The latest data indicates that major cryptocurrency whales are intensifying altcoin buying. Here are the two most popular cryptocurrencies that investors buy…
Smart money makes GMX transactions
cryptocoin.com As we reported, Lookonchain, a blockchain analytics firm, tweeted last Friday that a smart money trader made 13 transactions on GMX. According to the tweet, the trader consistently bought the altcoin at low price and sold it high, earning a total of $430,000 in trades. The tweet also added that the trader is holding 7,187 GMX with an average purchase price of $71.53.
Lookonchain posted a second tweet this morning about the smart money trader. The firm added in today’s tweet that the trader bought 3,252 GMX again with 250k USDC about 8 hours ago. The platform added that the trader’s most recent purchase price was $76.88. The recent GMX purchase by the trader brings total GMX holdings to 10,349, which is worth around $807,000 at current prices. The average purchase price for all trades of the investor stands at $73.2.
CoinMarketCap shows that the price of GMX has increased by 2 percent in the last 24 hours. As a result, the price of the GMX currently stands at $77.9. The altcoin also gained 0.64% and 0.65% against Bitcoin (BTC) and Ethereum (ETH), respectively. The price of GMX is trading closer to the lower boundary of the consolidation channel between $75.31 and $82.10, according to experts. There is also a positive trend line formed on the daily chart of GMX after the altcoin’s price has made higher lows over the past 2 weeks.
ADA whales buy 560 million altcoins
Crypto trader Ali (@ali_charts) tweeted yesterday that Cardano (ADA) whales are on a shopping spree. According to the tweet, ADA whales have collected 560 million ADA tokens in the past 2 weeks. The total dollar value spent on this shopping spree is estimated at $218.4 million. Currently, Cardano is changing hands at $0.38, up 0.42 percent. ADA has also weakened by 0.96 percent and 0.55 percent, respectively, against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), in the last 24 hours.
According to experts, the price of ADA is currently trading within an ascending price channel that has been established in the last 2-3 weeks. During that time, the altcoin’s price made higher highs and higher lows, rising from $0.3013 on March 11 to $0.4093 on March 31. It then regressed to its current level. Currently, the price of ADA is supported by the 9-day EMA line. According to experts, the price of ADA could rise in the next 24-48 hours as long as it continues to trade above the 9-day EMA.
If the altcoin’s price drops below this level, it could slide back to the nearest support at $0.3728. Additionally, a breakout from the current ascending price channel will cause the price of ADA to drop as low as $0.3516 next week. However, if the price of ADA can stay within the positive price channel in the next 24-48 hours, then $0.4214 is in question.
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