- Ethereum has posted weekly gains of 16% while other altcoins show signs of stagnating.
- Heightened whale activity, often linked to trend reversals, has been identified on altcoins like 1INCH, Dogelon Mars and Polygon.
- TradingView analyst Shelby has predicted a Q1 2024 crash to follow the current market rally.
It’s been a mixed week for altcoins, with some tokens continuing on their merry way toward yearly highs, while others have shown signs of slowing growth. Ethereum (ETH) has been one of the best performers, up 16% in the past seven days, while fellow DeFi lynchpins Cardano and Solana have posted gains of 14%. On the flipside, Tron (TRX), Stellar (XLM), XRP and TonCoin have all seen losses or stagnation in the past 24 hours.
High Network Activity for 1inch and Matic
A report from prominent crypto data analysts Santiment suggests that the altcoin market is mixed, and that investors should keep their eyes peeled for “whale transactions” on certain networks. In simple terms, this means spikes in network activity on a blockchain which tend to suggest an impending up or down trend (either from high-value investors taking profits or accumulating more of an asset).
According to the tweet, Santiment has identified four altcoins that are demonstrating highs in 2023 network activity – 1INCH, ELON, WOO and MATIC. Each of these assets has posted double-digit gains over the past seven days, however the heightened “whale activity” suggests that these bull runs may be coming to an end.
Crypto Analyst Believes Huge Market Crash Is Coming
Ethereum has had the best week of any crypto in the top ten by market cap, recording a price increase of nearly 17%. However, crypto analyst Shelby on TradingView has predicted that the good news may be short-lived, with a major crash destined for Q1 2024. The prediction is based on a pair of “Harmonic” price patterns which the market saw prior to 2020’s big price decline.
However, Shelby tapers off the negativity by claiming that they expect the markets to recover from their lows by 2025, gearing up for the next bull run based on Bitcoin’s halving and a renewed emphasis on global adoption.
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