Whale accumulation is a popular leading indicator that traders use to predict the future price of cryptocurrencies. These investors, who are often known as smart money buyers, often buy before a rally starts and sell when it is about to end. This article focuses on the top altcoins to buy amid whale accumulation.
Ethereum
Ethereum is one of the top altcoins to buy as data shows that whales are actively buying. Santiment data shows that whale accounts holding between 10 million and 100 million coins hold over 61.59 million coins, up from 53.6 million in November last year.
Similarly, whales holding between 1 million and 10 million Ethereum coins hold over 10 million coins, up from April lows of 8.8 million coins. Those holding between 10k and 100k coins have over 28 million coins.
The ongoing whale accumulation is a sign that these investors hope that Ethereum price will keep going up this year. The chart below shows that the Ethereum price bottomed at $1,400 in April and has bounced back to $2,550. It has jumped above the 50-day moving average and a bullish flag pattern.
Therefore, the coin will likely have a bullish breakout as bulls target the next psychological hurdle at $3,000. A move above that level will raise the odds of ETH price moving to the psychological point at $4,000.
Pepe
Pepe is another top altcoin to buy as whales continue accumulating. As the chart below shows, all cohorts of Pepe Coin holders have continued buying the third-biggest meme coin in the crypto market.
Pepe holders with between 10 million and 100 million coins have boosted their holdings to over 4 trillion tokens, up from 3.9 trillion in February, a 100 billion increase. Similarly, those holding between 1 million and 10 million Pepe coins have 516 billion coins, up from 373 billion in November.
These whales are likely buying Pepe because of its strong technicals. It initially formed a giant falling wedge pattern in the first quarter. This pattern happens when there are two descending and converging trendlines.
Pepe has now formed a bullish flag pattern, comprising of a vertical line and some consolidation. It has also jumped above the 50-day moving average. The odds are that the pepe price will explode higher in the coming months, and the resistance level will be retested at $0.000025.
Cardano
Cardano is another top altcoin that whales and smart money investors are buying as they expect an eventual rebound.
Data shows that the most active Cardano whales are those with between 10 million and 100 million coins. These investors hold 12.98 billion ADA coins today, up from 11.95 billion in January, a 1.03 billion increase.
Cardano whales with between 1 million and 10 million tokens hold 5.74 billion coins, up from 5.65 billion earlier this year.
These whales are likely buying because of the upcoming midnight launch and the NIGHT airdrop. Midnight is a layer-2 scaling network based on zero-knowledge cryptography that will accelerate Cardano’s ecosystem. Most importantly, it will help during the integration with Bitcoin.
Cardano price has strong technicals, especially on the four-hour chart. It has formed a falling wedge pattern and a bullish flag. With the two lines almost at their confluence, there is a likelihood that the ADA price will bounce back in the coming weeks.
Summary on the top altcoins to buy
While whale and smart money accumulation is are good things, it is not the only catalyst you should watch. You should closely examine its technicals by looking at chart patterns and identifying indicators. Also, the broader market news, such as the recent US credit rating downgrade, will often determine the phase of the rally.
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