The upcoming week is very important for the cryptocurrency market. The Trump administration will release an assessment of the US cryptocurrency industry. The White House's cryptocurrency report will be published on July 30th, raising expectations among investors.
Accordingly, BeInCrypto analyzed three altcoins purchased by whales in the past 24 hours.
Tutorial (TUT)
TUT saw a significant increase of 17.68% in the past 24 hours. This rise is mainly due to investors' steady accumulation of TUT, indicating growing interest in altcoins and suggesting an upward trend in the short term.
In the past 24 hours, TUT whales bought 30 million TUT, amounting to over $2.4 million. This accumulation demonstrates strong investor confidence in TUT's future potential, ahead of a positive report this week.
These actions reinforce the positive outlook on altcoins and indicate increasing trust among large holders.
Want more token insights? Subscribe to editor Harsh Notariya's daily crypto newsletter here.
Currently trading at $0.072, TUT is approaching its next price target of $0.080. If TUT successfully breaks this level, optimism among investors could increase. Surpassing $0.080 would likely lead to further price appreciation, attracting more buyers and strengthening the upward momentum.
Fuzzy Penguin (PENGU)
PENGU has become one of the most popular altcoins. Whales purchased 400 million PENGU in the past 24 hours, amounting to over $16.8 million.
This large-scale buying activity indicates strong investor interest and suggests the potential for further short-term appreciation.
Due to whale accumulation, PENGU's price has risen 17% in the past day. Currently trading at $0.043, PENGU is approaching its all-time high (ATH) of $0.0469. With the current momentum, the altcoin is likely to break its ATH and further increase its price.
However, if the market turns bearish, PENGU could face significant resistance. Falling below the $0.040 support level could indicate further weakness and potentially drive the altcoin down to $0.0299.
This would invalidate the positive outlook and caution potential investors.
Pendle (PENDLE)
Pendle rose 5% in the past 24 hours, suggesting potential for further appreciation. Despite increased whale accumulation, no major price surge has occurred yet.
If buying pressure continues, the cryptocurrency could see a sustained rally in the near future.
In the past 24 hours, Pendle whales purchased over 30,000 tokens, amounting to approximately $133,200. This accumulation reflects strategic moves by large investors and indicates a positive market sentiment.
Increasing demand from these whales could continue to drive Pendle's price upward.
However, if whales decide to sell their holdings, Pendle could face downward pressure. Falling below the $4.21 support could see it drop from the current price of $4.43 to $3.90.
This downward scenario suggests a change in investor sentiment and weakens the altcoin's short-term outlook.
