Which altcoins are whales dumping?
Whales have been actively selling off several major altcoins since late October. Since October 13, the total altcoin market capitalization has fallen by more than 11%, from $1.62 trillion to $1.45 trillion.
The decline isn't just due to the overall market price decline—major investors are gradually reducing their positions. There are three altcoins that whales are selling off the fastest.
Shiba Inu (SHIB)
Whales appear to be losing interest in Shiba Inus. Major investors have been gradually selling off their holdings since October 18th.
Data shows that wallets with large volumes of this memecoin have reduced their holdings from 697.88 trillion to 694.26 trillion, which is approximately 3.62 trillion SHIB, worth about $355,000 at a price of $0.0000098.
The token has been moving in a symmetrical triangle since October 10, indicating market uncertainty. From October 14 to 20, the price made lower highs, while the Relative Strength Index (RSI), which measures price momentum, made higher highs. This pattern is known as hidden bearish divergence, often signaling a continuation of a downtrend.
SHIBA INU has fallen 27.2% over the past three months, confirming the ongoing downtrend.
A daily close below $0.0000097 could send the price towards $0.0000092, while a break above $0.000010 could open the way to $0.000011.
Cardano (ADA)
Crypto whales holding between 100 million and 1 billion ADA tokens began reducing their positions on October 17. Their total holdings fell from 4.07 billion ADA to 4.04 billion ADA, equivalent to selling approximately 30 million ADA, worth almost $19 million.
The timing of this sell-off is significant. On October 17, ADA briefly broke the lower line of the ascending channel. It only had two touchpoints, and structurally, the line was weak. This breakout appears to have caused mild panic among whales.
Although ADA later recovered, the selling did not stop, indicating investor uncertainty about the coin's growth prospects.
Between October 13 and 20, the price formed a lower high, while the Relative Strength Index (RSI) posted a slightly higher high, indicating a hidden bearish divergence. This pattern typically indicates a trend continuation (down 21% over the past three months) rather than a reversal. If ADA fails to hold at $0.61, it could fall to $0.59 or even $0.50.
To overturn the bearish outlook, ADA must break the $0.86 resistance level, which is 36% above its current level. This level has repeatedly capped Cardano's rally. Until then, a target level around $1.12 (the channel breakout point) remains unlikely—at least for now.
Zora (ZORA)
ZORA whales are exiting the market. They are likely taking profits after a strong month-long rally. The token has gained more than 61% over the past 30 days, but has fallen 15.6% over the past week as major holders have begun selling.
Whale wallets reduced their holdings by 6.71%, reducing their total supply to 5.45 million ZORA. This means that approximately 390,000 ZORA tokens have been sold over the past seven days.
After exiting the inverted head and shoulders pattern, the coin consolidates inside a symmetrical triangle, indicating a pause in the move.
If the $0.091 level fails to hold, a deeper correction to $0.083 or even $0.065 may follow.
The coin's behavior resembles profit-taking rather than a complete trend reversal. A daily close above $0.10 and then $0.11 nullifies the short-term bearish scenario, paving the way for renewed growth—and possibly renewed whale interest.
Источник: cryptocurrency.tech
