Bluezelle (BLZ) Whales Selling Off Could Impact Prices
Bluezelle (BLZ) experienced a significant rally in September, reaching a price peak of $0.21. However, recent whale movements suggest that the cryptocurrency could face a downward spiral. Crypto data sleuths have observed several whale wallets shifting their tokens into the Binance exchange, indicating that dysphoric whales are preparing to sell. These whale wallets hold a significant portion of BLZ’s circulating supply and are worth $16.2 million at the current price. If these wallets offload their holdings, it could lead to other retail investors selling as well.
Bluzelle Exchange Inflows Signal Bearish Significance
An analysis of on-chain data reveals that Bluzelle exchange net flows have hit a 14-month peak, indicating bearish significance. On October 10, there were 8.3 million more BLZ tokens flowing into exchanges than outflows. This suggests that investors are looking to exit their positions, putting downward pressure on BLZ price. The escalating tensions in the Middle East may also incentivize whales to swap their BLZ positions for more stable larger-cap projects.
BLZ Price Prediction: Possible Downswing Ahead
From an on-chain perspective, it is likely that BLZ price will experience a downswing toward $0.09 in the coming days. The Global In/Out of Money Around Price (GIOM) data supports this prediction, showing a major support cluster of holders who bought BLZ around the $0.09 level. However, if this support cluster fails, BLZ could drop below $0.08. On the upside, if BLZ can reclaim $0.20, there is a resistance cluster of buyers who may trigger an instant bearish reversal if they book profits.
Hot Take: Bluezelle Faces Bearish Pressure from Whale Movements
Bluezelle (BLZ) has experienced a significant rally in recent months, but recent whale movements suggest that the cryptocurrency may face a downward spiral. Whale wallets holding a significant portion of BLZ’s circulating supply have been observed shifting their tokens into the Binance exchange, indicating that whales are preparing to sell. This could spook other retail investors into selling as well. Additionally, Bluzelle exchange net flows have hit a 14-month peak, signaling bearish significance. From an on-chain perspective, it is likely that BLZ price will experience a downswing in the coming days. However, if support clusters hold steady or resistance clusters fail, the price could swing in either direction.
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