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- SHIB, RNDR, MKR, and BIGTIME were involved in a major buying spree.
- SHIB’s momentum turned positive, while BIGTIME might keep trading between $0.37 and $0.40.
- RNDR looked ready to breach the $4.10 resistance, and MKR was eyeing $2,000.
A wave of new Tether (USDT) injections into the market has caused fresh whale wallets to scoop up tokens on their radar. According to Lookonchain, an address bought large amounts of Shiba Inu (SHIB), Big Time (BIGTIME), Maker (MKR), and Render (RNDR).
Minutes before Lookonchain revealed that accumulation, the smart money handle disclosed that another address had received 239 million worth of USDT, which was recently minted from the Tether Treasury.
It was around the same period that the buyer of the tokens listed above accumulated them. Based on Lookonchain’s information, the whale bought 1.44 trillion SHIB and 3 million BIGTIME from Binance and Gate.io.
The addresses also withdrew 650,527 RNDR and $1.9 million worth of MKR from Binance. Notably, the tokens were not kept on the exchange, indicating that the accumulation was for the long term.
Shiba Inu (SHIB)
SHIB was not a surprise inclusion in the list considering its 4% increase in the last 24 hours. Though the new year did not start on a great note for the memecoin. According to CoinMarketCap, it has lost 11.57% of its value since 2024 began.
However, the token could be ready to reclaim $0.000010 based on indications shown by the MACD. The MACD, at press time, was positive, indicating increasing upward momentum.
This was also backed by the Aroon indicator. At the time of writing, the Aroon Up (orange) was 71.34%, while the Aroon Down (blue) had declined. The disparity is a sign that SHIB had more bullish potential than a bearish one.
SHIB/USD 4-Hour Chart (Source: TradingView)
Big Time (BIGTIME)
Unlike SHIB, BIGTIME seemed to deserve the accumulation. This was because of its performance in the last 365 days, as its value increased by 461%.
In the long term, BIGTIME might repeat such a performance. However, according to the indication from the 4-hour chart, the token’s potential in the short term could remain underwhelming.
This was because of the Exponential Moving Average (EMA). At press time, the 50 EMA (yellow) had crossed above the 20 EMA (blue), indicating a bearish trend. As it stands, BIGTIME might keep moving between $0.37 and $0.40.
BIGTIME/USD 4-Hour Chart (Source: TradingView)
Maker (MKR)
MKR’s case was different from BIGTIME and SHIB. In the last 24 hours, the price has increased by 6.16%, making it one of the best performers within the said period.
At press time, MKR’s price was $1,950, representing its highest value since January 4. Coin Edition’s assessment of the Awesome Oscillator (AO) via the 4-hour timeframe showed that the token has the potential to hit $2,000.
The AO, as of this writing, was 79.34, indicating that the existing uptrend might continue. Moreover, indications from the Bollinger Bands (BB) showed high volatility.
MKR/USD 4-Hour Chart (Source: TradingView)
So, MKR might experience price fluctuations that might send the value higher. Should MKR fail to hit $2,000, a move to $1,975 remains a feasible option.
Render (RNDR)
RNDR’s price action experienced a significant decrease between January 2 and 8. At press time, the cryptocurrency banked on the $3.50 support as it moved back up to $3.88.
However, the cryptocurrency might find it hard to retest $5 as the RSI fell to 47.50. If the RSI reverses to the upside, then RNDR might be able to breach the $4.10 resistance.
RNDR/USD 4-Hour Chart (Source: TradingView)
Should that happen, the RNDR price might hit $4.50. However, traders would need to watch out for possible sell-offs. If selling pressure increases, RNDR might remain below $4.
The post Why SHIB, BIGTIME, MKR, RNDR Could Be Ready to Move appeared first on Coin Edition.