Jelly-My-Jelly (JELLYJELLY) is sparking intrigue in the cryptocurrency market due to renewed whale activity in its niche market. Today, a whale withdrew 100.46 million JELLYJELLY tokens worth $4.45 million from Gate.io. This transaction shows the asset’s potential.
Whales renew Jelly-My-Jelly accumulation
This accumulation by a big holder indicates that whales have renewed their interest in JELLYJELLY and have a long-term perspective in the market.
However, this whale currently holds an unrealised loss of $1.35 million, meaning that he purchased the tokens at higher price levels. JELLYJELLY has been facing increased volatility recently, with prices currently trading at $0.03349, down 47.2% over the past 24 hours. This acquisition not only indicates confidence in the asset’s long-term potential but also shows that whales capitalize on current market dips to accumulate more tokens.
This investor’s action sparked curiosity among traders who are in search of whale-focused market clues. Such a huge transaction normally influences sentiment from small investors and could be a sign of an upcoming rally, preceded by expanded volatility in JELLYJELLY trading.
The activity shows that whales are accumulating the asset. If this acquisition behavior continues, it will create a supply deficit on exchanges, a move that could trigger a future price increase.
Why JELLYJELLY price is on a decline
Technical charts show that JELLYJELLY lost its strength and has been on a decline for several weeks. It is currently experiencing a correction momentum, with its price down 6.1% and 4.2% over the past seven days and two weeks, respectively.
Multiple indicators suggest a continuation of the correction phase. The RSI stands at 61.20, indicating that the token is close to the overbought zone, implying that the uptrend movement loses strength. It suggests a continuation of a consolidation or a possibility of decline as sellers are prevailing while buyers are losing control.
According to metrics from Coinglass, JELLYJELLY’s Open Interest (IO) has dropped by 54.52% from yesterday, suggesting a decrease in derivative traders in the market. This shows reduced confidence in the market, potentially due to the recent JELLYJELLY delisting on Hyperliquid.
The above price declines suggest that a large number of holders are at a loss, a risk that might have prompted many to sell their holdings to avoid greater losses, consequently driving prices down. Despite these significant losses and sales, a group of investors (whales) seems to be holding strong and buying more tokens.
In short, the situation facing JELLYJELLY is complex as the sellers are currently in control. However, whales’ behavior remains a prominent factor. Their continued purchases of the asset signify that they could be betting on a price breakout, despite the broader bearish sentiment in the market.
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