- Lookonchain data shows that whales are accumulating ATH tokens.
- ATH's Exchange Flow Balance shows a negative spike, and supply on exchanges is decreasing, signaling a bullish move ahead.
- Investors should be cautious about decreasing Development Activity.
Aethir (ATH) price broke out of the descending trendline on Wednesday, and in the New York trading session it traded slightly down 1% at $0.069 on Thursday. On-chain data shows a negative spike in Exchange Flow Balance, and supply on exchanges is decreasing, signaling a bullish move ahead.
Aethir whales accumulate ATH tokens
Lookonchain data shows that Arthur Hayes, co-founder of BitMEX, bought 11.4 million ATH tokens worth $779,000. A few hours after this purchase, another wallet bought 28.87 million of Aethir tokens, valued at $1.95 million, from Bybot, KuCOin and OKX exchanges on Thursday.
Another whale bought 28.87M $ATH($1.95M) from #Bybit, #KuCoin and #OKX in the past 1 hour.https://t.co/mGlH6yDEbGhttps://t.co/FHRxcONaj3 pic.twitter.com/YxLI4xaXM8
— Lookonchain (@lookonchain) August 15, 2024
Aethir price shows potential for a rally
Aethir price broke out of the descending trendline (drawn by connecting multiple swing high levels from mid-July) on Wednesday.
If the trendline breakout level at $0.065 holds as support, ATH could rally 30% from its current trading level at $0.069 to retest its July 17 high of $0.091.
The Relative Strength Index (RSI) on the daily chart has briefly slipped above the 50 neutral level, while the Awesome Oscillator (AO) is on its way to doing the same. If bulls are indeed making a comeback, then both momentum indicators must maintain their positions above their respective mean levels. Such a development would add a tailwind to the recovery rally.
ATH/USDT daily chart
Santiment's Exchange Flow Balance index shows the net movement of tokens into and out of exchanges. A positive spike indicates an inflow of tokens onto exchanges, suggesting selling pressure from investors. Conversely, a negative spike indicates an outflow of tokens from exchanges, indicating less selling pressure from investors.
In ATH's case, the Exchange Flow balance declined from -18.62 million to -210.06 million from Tuesday to Wednesday. This negative spike generally suggests a decrease in investor selling activity.
In the same period, the supply on exchanges declined from 1.12 billion to 919.87 million. This 18% decline in supply indicates that investors are moving ATH tokens off exchanges to their wallets and decreasing the selling pressure. This is a bullish development, which further denotes investor confidence in Aethir.
Aethir Exchange Flow Balance and Supply on Exchanges
Despite whale accumulation, token outflow, and decreasing exchange supply, Aethir's daily active addresses activity still needs to grow, suggesting that investors should not anticipate an immediate price rally for the token.
Aethir Daily Active Addresses chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto community reacts to rumors Kamala Harris could make SEC Gensler Treasury Secretary
![Crypto community reacts to rumors Kamala Harris could make SEC Gensler Treasury Secretary](https://editorial.fxstreet.com/images/Resources/CryptoWorldSEO3_XtraSmall.jpg)
The crypto community reacted to a report on Monday alleging that Kamala Harris will likely nominate Securities and Exchange Commission Chair Gary Gensler as Treasury Secretary if elected. The report accompanies the Democratic National Convention.
Ethereum gas fees hit record lows as ETH attempts historical price move
![Ethereum gas fees hit record lows as ETH attempts historical price move](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ethereum/ethereum_XtraSmall.jpg)
Ethereum is down over 3% on Monday after posting weak flows across ETH ETFs and record lows in gas fees last week. The decline also coincides with ETH attempting to repeat a historical price move that it experienced in the last two years.
ADA slips out of top 10 cryptos, risk heavy correction as on-chain indicators turn bearish
![ADA slips out of top 10 cryptos, risk heavy correction as on-chain indicators turn bearish](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Cardano/Cardano_Coin_31_XtraSmall.jpg)
Cardano slipped out of the top 10 cryptocurrencies by market capitalization on Monday following a bearish signal across several of its on-chain metrics. ADA has largely underperformed in the current cycle compared to other altcoins, considering its price has been on a five-month decline since mid-March.
XRP Ledger sees big drop in transactions in 2024
![XRP Ledger sees big drop in transactions in 2024](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
Ripple trades at $0.5833 on Monday as the altcoin extends gains and recovers from the crypto market crash in early August. The Ripple stablecoin announcement, the Securities & Exchange Commission vs. Ripple lawsuit ruling and recent research reports published by SBI-owned HashHub are the key market movers for the altcoin this week.
Bitcoin: Signs of weakness persist
![Bitcoin: Signs of weakness persist](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Bitcoin/bitcoin_XtraSmall.jpg)
Bitcoin (BTC) trades above $58,000 on Friday after after testing and failing to overcome the resistance level around $62,000 earlier in the week. The risk-on mood returned to markets this week, Marathon Digital added 4,141 BTC worth $249 million to its holdings and the US SEC approved a MicroStrategy leveraged ETF, potentially giving investors more exposure to Bitcoin.