Crypto Whales' New Picks Following FOMC Rate Adjustments

crypto market The recent 25-basis-point rate cut by the US Federal Reserve hardly stirred excitement in the cryptocurrency market. Major players like Bitcoin and Ethereum remained in the red, leading to a 1.6% decline in total market capitalization, indicating that the decision was largely anticipated. Nevertheless, the focus has shifted to what crypto whales are purchasing in the aftermath of these FOMC rate cuts.

Large-scale investors are strategically reallocating their investments into several tokens that exhibit reduced selling pressure and robust technical setups. Recent data highlights three specific assets that have witnessed increased accumulation by whales since the policy change, each suggesting growing conviction as we approach November.

Whales with holdings ranging between 1 million and 10 million ADA have been steadily increasing their positions since yesterday, raising their total from 5.57 billion to 5.59 billion ADA. This equates to an addition of approximately 20 million ADA, valued at around $12.8 million at the current price of $0.64.

This particular group of smaller whales frequently leads the charge in early buying phases before larger investors join in. Despite Cardano experiencing a 20% decline over the past month, the renewed activity from whales indicates a potential for recovery.

Interested in more insights about tokens like this one? Subscribe to Editor Harsh Notariya’s Daily Crypto Newsletter here.

Analyzing the 12-hour chart, ADA is currently trading within a symmetrical triangle, indicating a phase of indecision but also consolidation ahead of a potential breakout. The token has maintained its support level at $0.64, and a breakthrough above $0.66 could propel prices to approximately $0.68, marking a 6.5% increase.

News If this momentum persists, the next resistance level would be $0.73. The Wyckoff Volume Chart, which monitors buying and selling pressures through volume trends, reveals that sellers have been losing control since October 29. A similar pattern observed between October 22 and 23 resulted in a 9.37% price uptick shortly after.

Whales may be anticipating a repeat of this trend, making Cardano a standout example of crypto whale activity post-Fed rate cuts. However, if ADA drops below $0.64, it could signal a downturn, with potential support levels at $0.62 and even $0.60, undermining the optimism driven by whale investors.

In addition to Cardano, another token that has experienced renewed interest from whales following the FOMC rate cuts is Ethena (ENA).

The cohort of whales holding between 100 million and 1 billion ENA— a substantial group capable of influencing market trends—has been actively increasing their holdings. This uptick indicates a growing confidence in the asset as market dynamics evolve.

https://coinzn.org/ This behavior from crypto whales can often signify a broader market sentiment shift, suggesting that they are positioning themselves strategically in anticipation of favorable developments in the crypto landscape.

As we observe these changes, it will be essential to monitor the market closely to gauge how these whale movements may influence the prices of both Cardano and Ethena in the coming weeks.