An on-chain analyst says deep-pocketed investors are loading up massive amounts of Cardano (ADA) and a top memecoin as the market went sideways for the past week.

Analyst Ali Martinez tells his 98,800 followers on the social media platform X that crypto whales accumulated $85.6 million worth of ADA in a couple of days.

“Cardano whales bought over 80 million ADA in 48 hours!”

At time of writing, ADA is trading for $1.07.

Martinez also says deep-pocketed investors snapped up $64 million worth of the large-cap memecoin Dogecoin (DOGE).

“Whales bought another 160 million Dogecoin DOGE in 24 hours!”

At time of writing, DOGE is worth $0.40.

In total, the crypto whales accumulated nearly $150 million worth of ADA and DOGE in just two days during the past week.

Turning to Bitcoin, Martinez says he’s looking at BTC‘s In/Out of the Money Around Price (IOMAP) metric. IOMAP classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for BTC.

According to the analyst, Bitcoin has a fortress of support above $94,000 as millions of wallets accumulated millions of BTC around and above the price area.

“Bitcoin sits on top of a significant support wall between $94,300 and $100,250, where 2.25 million wallets bought over 2.18 million BTC.”

At time of writing, Bitcoin is trading for $101,946.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The crypto markets have seen intense volatility since Bitcoin broke through the $100,000 mark for the first time on December 4, with multiple plunges that have sent shockwaves that sank other assets—and piled up liquidations in the process.

But while Bitcoin has mostly rebounded from the sizable dips, Dogecoin has lost considerable steam over the last week since popping to a high of $0.48 for the first time since 2021.

At a current price just below $0.39, Dogecoin is down nearly 19% since that peak seen late on December 7. And over the last seven days, including data from the hours before that recent high, DOGE is down 15%.

That makes it the biggest loser among the top 10 cryptocurrencies by market cap, outpacing Cardano with a 13% dip during that span, and Solana with a 10% correction. Bitcoin is the only asset in the top 10 that’s green on the week, up 0.7% as of this writing at a current price of $100,995.

Looking beyond the top 10, other leading meme coins in the top 100 cryptocurrencies have posted even sharper losses over the last week.

Dogwifhat (WIF) is the biggest loser in the top 100, down 28% during that span, while Bonk (BONK) has fallen 23%, Brett (BRETT) is down 22%, and Shiba Inu (SHIB) has matched the DOGE dip at 15%.

Overall, the crypto market has fallen by 3% over the last 24 hours, per data from CoinGecko.

A closely followed crypto trader believes that top memecoin Dogecoin (DOGE) could soar to double digits based on historical patterns.

Crypto strategist Ali Martinez tells his 97,000 followers on the social media platform X that DOGE appears to be in the phase of the cycle when it pauses before skyrocketing to new record highs.

The trader shares a chart suggesting that DOGE is mirroring its price action during the 2017 and 2021 market cycles while trading in a large ascending channel.

“Check out where we are in the Dogecoin DOGE bull cycle! Very early, right?

For that reason, I’m thankful for the dip and will buy more between $0.40-$0.30. The target remains $3, and if things go wild, $18!”

At time of writing, DOGE is trading for $0.391, down nearly 5% on the day.

Turning to the layer-1 protocol Cardano (ADA), Martinez says that the altcoin can find support at the $1 level based on the In/Out of the Money Around Price (IOMAP) metric.

IOMAP classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for ADA. According to the metric, 41,720 addresses have accumulated over one billion ADA at $1.

Zooming out, Martinez says Cardano appears to be following its 2020 price action when it witnessed a period of retracement before soaring to fresh highs.

“Cardano is doing the same as it did in 2020, which is why I’m buying! Even if it dips down to $0.76, I’m buying more and plan to book profits between $4 and $6.”

At time of writing, ADA is trading at $1.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney