3 Altcoins Whales Are Selling Fast as October Ends
Whales are rapidly selling Shiba Inu (SHIB), Cardano (ADA), and Zora (ZORA) as October concludes, amidst an 11% drop in the total altcoin market cap.Summary
As October ends, the total altcoin market cap (excluding Bitcoin) has fallen over 11% since October 13, driven partly by large holders, or whales, reducing their exposure in three specific altcoins: Shiba Inu (SHIB), Cardano (ADA), and Zora (ZORA).
For Shiba Inu (SHIB), whales have offloaded about 3.62 trillion SHIB since October 18, coinciding with the token being stuck in a symmetrical triangle pattern showing hidden bearish divergence on the RSI, suggesting a continued downtrend below $0.0000097.
Cardano (ADA) whales began trimming positions around October 17 after the price briefly broke below its ascending channel, leading to a reduction of 30 million ADA. Technical indicators also show hidden bearish divergence, pointing toward a continuation of the downtrend unless ADA can clear the $0.86 resistance.
Zora (ZORA) whales are taking profits after a strong monthly rally, selling 6.71% of their holdings in the last week. ZORA is consolidating in a symmetrical triangle after its breakout, and failure to hold $0.091 could lead to a deeper correction, though this is viewed more as profit-booking than a full reversal.
(Source：BeInCrypto)