As the Bitcoin price struggles to sustain above the $57,000 level, underlying weakness in the crypto market is becoming evident. Despite the bearish signal, whales are looking to buy altcoins at lower prices. Here are the top 3 coins they are buying during the dip.
AAVE (AAVE)
The Aave price is trading at $130 despite the founder selling off $6 million worth of Aave tokens. Meanwhile, two major investors bought $2.2 million worth of tokens, ignoring market noise. Another investor purchased 50,605 tokens worth $6.8 million. With the bullish trend in motion, the crypto price is likely to surpass the $142 resistance for a new rally above the $150 psychological mark. The next target based on the Fibonacci level is $182 at the 1.618 Fibonacci level.
Dogwifhat (WIF)
The second coin on our list is WIF, a popular meme coin. The largest holder of WIF spent $1.54 million USDC to buy 800,556 WIF tokens at $1.92. This whale currently holds 28 million WIF tokens worth $53.23 million. Another major investor bought 9.57 million tokens worth $13.59 million. The price of WIF is trading at $1.59 following a 9.95% jump, with a slight intraday drop of 2.5%. Based on the Fibonacci level, the next resistance beyond the 200-day EMA at $1.83 is the 23.60% level at $2.00. With continued interest from whales, the crypto could ignite a breakout rally to reach the 61.80% Fibonacci level at $3.31.
Bitcoin (BTC)
Bitcoin continues to struggle to sustain above the $57,000 mark. Despite this, whale activity indicates ongoing purchases. Recently, the number of wallets holding 100 or more bitcoins reached a 17-month high. For instance, a major investor withdrew 2,000 BTC worth $117M at an average price of $58,525, causing a 3.18% price increase. Increased whale activity may drive Bitcoin back to $70K+ levels in 2024.
Despite negative trends and concerns, crypto whales are actively buying cryptocurrencies at lower levels. Their actions may indicate future positive changes in the market.
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