Despite bearish signals from the broader market, Abe Price is one of the few altcoins currently showing bullish momentum.
However, altcoins face potential weakness from whales, one of the most important groups of cryptocurrency investors.
Abe’s Vulnerability to Selling Pressure
Changes in crypto whale psychology could hamper Abe’s price gains. These large wallet holders have a significant influence on price movements. Their buying leads to a rise, while their selling leads to a fall.
Addresses holding between 10,000 and 100,000 Abe have been steadily accumulating since the end of July. However, in the past 48 hours, they sold $5.25 million worth of Abe.
Learn more: How to use Abe?
Although small compared to reserves, it has managed to halt gains over the past three days. Nonetheless, altcoins have the potential to overcome this potential weakness.
Potential Rise in Abe’s Price
Abe’s correlation with Bitcoin has fallen to 0.03, indicating a decoupling of altcoins from the royal cryptocurrency. This separation benefits Abe, particularly as Bitcoin’s price is slightly weak at the moment.
Altcoins stand a chance to resist sell-offs and go against broader market signals, providing support for Abe’s upward price movement.
Price Forecast: Abe Expected to Rise
Abe is currently trading at $105 within an extending upward channel. This pattern suggests a potential reversal or continuation of the current trend, with a target of $163 if it breaks through $124.
However, for this upward movement to occur, Abe’s price must flip over $116 as a support level. Failure to do so could lead to consolidation between $116 and $89.
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