As a seasoned analyst with years of experience navigating the volatile crypto market, I find myself increasingly optimistic about the upcoming ‘Uptober’ rally. The whale accumulation trend in Dogecoin (DOGE), Injective (INJ), and Shiba Inu (SHIB) is a clear indication that these coins are poised for significant growth.
The significant turnaround in September boosted the foundation for most prominent altcoins, creating robust bases of support. This positive trend is expected to pick up speed as we move into Q4, a time frame traditionally advantageous for cryptocurrency investors. As the market prepares for an extended surge, substantial investors are growing more active in Dogecoin (DOGE), Injective (INJ), and Shiba Inu (SHIB), with the goal of benefiting from their growth prospects.
Whale Accumulation Sets Dogecoin and Two Crypto to Spearhead ‘Uptober’ Rally
Santiment analytics reveals that cryptocurrencies with a market cap of at least $2B are experiencing a notable surge in whale activity. Injective (INJ) leads the charge with a staggering 456% surge in whale activity, indicating a potential accumulation trend as the market prepares for the ‘Uptober’ rally. Top Meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) are also seeing significant whale interest, with SHIB up 360% and DOGE rising by 67%.
Here are the cryptocurrency projects experiencing the most significant increase in whale involvement compared to the previous week, based on those with a minimum market capitalization of $2 billion.
1) The injection token, $INJ, has seen a surge of 456%.
— Santiment (@santimentfeed) September 30, 2024
Dogecoin (DOGE)
Dogecoin, the digital currency modeled after the popular internet meme dog, experienced a drop from $0.13 down to $0.113, equating to a 14.27% decrease. This downturn coincided with the broader market’s dip, which has allowed Dogecoin price predictions to remain steady above $0.112.
As a researcher examining market trends, I’ve noticed an optimistic crossover happening on day 20 with the 50-day exponential moving average, which suggests a resurgence of bullish sentiments. Post this correction, there’s potential for a 20% surge in the asset value that could propel it towards the $0.144 resistance level, and possibly beyond to the $0.176 mark if the momentum continues favorably.
According to Santiment’s analysis, it appears that significant investors (with wallets containing 10 million to 100 million DOGE) have stepped up their purchases, adding approximately 18.71 billion DOGE to their holdings.
Injective (INJ)
Similar to Dogecoin, the Injective price rebounded from a six-month corrective trend that followed a falling wedge formation. Remarkably, during the market turnaround in September, the INJ price broke through the upper limit of this pattern on September 22nd.
If the predicted bullish trend continues, it’s possible that the Injective price might jump by around 36%, potentially reaching or exceeding the existing resistance level at approximately $33.
2024 data shows a significant decrease in Injective Coin (INJ) supplies held on exchanges, with the current figure standing at approximately 1.28 million coins.
Shiba Inu (SHIB)
Shiba Inu, sometimes referred to as the “Dogecoin Killer,” recently saw a 15% drop in its price, falling from $0.0000216 to $0.0000185. Due to continued selling pressure, SHIB‘s value might decline by around 12%, potentially testing the support at $0.000016. However, a sudden change in trend is anticipated due to an inverted head and shoulder pattern emerging in its price chart.
According to the current setup of this chart, it seems to have originated during a significant market turnaround. This suggests that the price of Shiba Inu could be on the verge of a substantial increase, potentially exceeding $0.000022.
Furthermore, it’s worth noting that a substantial increase has been observed in the Shiba Inu tokens held by major wallets, currently amounting to 61.65. This suggests that these prominent holders have faith in the coin’s potential for growth.
Check out the article on top meme coins to buy for a detailed analysis
Conclusion:
Leading up to ‘Uptober’, it appears that Whales are favoring Dogecoin (DOGE), Injective (INJ), and Shiba Inu (SHIB) as their top picks.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- BICO PREDICTION. BICO cryptocurrency
- USD ZAR PREDICTION
- USD PHP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD CLP PREDICTION
- PLI PREDICTION. PLI cryptocurrency
2024-10-01 16:22