Bluzelle (BLZ) Experiences Price Rally Amidst Whale Trading Activity
Bluzelle (BLZ) has recently seen a significant price rally of over 125%, leading to suspicions of coordinated pump action. The surge in trading activity by whales is believed to be the main driving force behind this rally. However, without any notable product launches or community updates, it remains uncertain whether investors will hold onto their investments or take profits.
The Unusual Trading Moves of BLZ Whales
Recent on-chain data has revealed unusual trading activity among Bluzelle whales. On August 13 alone, there were 22 large transactions recorded, which is four times more than the previous 30 days combined. This spike in whale trading indicates an abnormal pattern that could potentially lead to a flash price drop if not sustained.
Long-Term Investors Start to Sell Off
With the price rally reaching triple digits, a significant number of BLZ holders are now in profitable positions. As a result, many long-term investors have started taking profits. The BLZ Age Consumed data shows a sharp increase on August 13, indicating that long-held coins are being moved. This suggests that long-term holders are bailing, raising concerns about a coordinated pump action.
BLZ Price Prediction: Potential Reversal Towards $0.05
Based on the analyzed on-chain indicators, it is likely that BLZ’s price will retrace towards $0.05 in the coming days. Initial support may be found around the $0.09 range. The In/Out of Money Around Price (IOMAP) data also supports this bearish outlook. However, if the team releases a valuable product update during this bullish momentum, the rally could potentially reach $0.20. Nevertheless, there is a possibility of a pullback if resistance is encountered at $0.15.
Hot Take: The recent price rally of Bluzelle (BLZ) seems to be driven by whale trading activity, but without any significant developments, it is uncertain whether the rally will be sustained. Long-term investors have started selling off, potentially signaling a coordinated pump action. While there is a possibility of a pullback towards $0.05, a valuable product update could push the rally towards $0.20.
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