🔮 — Whale activity rises, CEX supplies dwindle
Over the past few weeks, the Pay network has been in a period of cohesion.
On Monday, the largest Pay token whale bought 3.73 million coins, bringing the total to 371 million Pay.
CEX wallet reserves show that 2 million Pay tokens have left the wallets.
As of the writing of this report on Tuesday, the Pay network (Pay) was trading at over $0.34, continuing in a sideways trend. The largest wallet address of Pay tokens by holding took advantage of the low prices and purchased an additional 3.73 million Pay tokens on Monday.
The decline in CEX reserves shows that demand is rising.
PiScan data shows that a large portfolio investor, sometimes referred to as a whale, took 3.73 million Pay tokens from the OKX exchange on Monday. This raised the total number of tokens held to 371 million.
Whale wallet address. Source: PiScan
Reserves of central exchange wallets (CEXs) dropped by 2 million tokens over the past 24 hours, which is another reason for the increased demand for Pay tokens. Typically, when money leaves CEXs, it indicates that demand from retail is rising.
At the time of writing this report on Tuesday, the Pay network was up about 0.5%, continuing to trend sideways above $0.34. The daily chart shows that the portable mining currency is in a broader descending channel pattern flattening.
If retail demand increases, Pay's token might bounce back and reach the upper resistance line above $0.3700.
As Pay reaches a critical point, momentum indicators on the daily chart show mixed signals. The Relative Strength Index (RSI) is at 44 and is moving flat below the midpoint, indicating that buying pressure is moderate.
The Moving Average Convergence Divergence (MACD) indicator is also rising, maintaining its position above the signal line. This indicates that the trend momentum is moving in an upward direction.
If the price drops below the lowest point on August 1 at $0.3220, it may record a new all-time low and head towards the round number $0.3000.
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