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  • enjincoinEnjin Coin (ENJ) $ 0.169437

Whale Turns to MANA, SAND, and GALA Using PEPE’s Gains, Here’s Why

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According to Lookonchain, the same whale who converted some of his Pepe (PEPE) profits to Shiba Inu (SHIB), is also buying gaming tokens. Lookonchain revealed this in a post on March 1.

The gaming tokens involved in the purchase include Decentraland (MANA), The Sandbox (SAND), and Gala (GALA). Furthermore, the on-chain smart money tracker noted that the whale bought 1.6 million MANA tokens, 2.43 million SAND, and 36.88 million GALA.

A smart whale changed his position from $PEPE to $SHIB, $MANA, $SAND, and $GALA.

The whale sold all 1.97T $PEPE($6.07M) and made a profit of $3.49M.

Then bought 75.9B $SHIB($893K), 1.6M $MANA($1.07M), 2.43M $SAND($1.48M) and 36.88M $GALA($1.46M).https://t.co/TsQgABvjIt pic.twitter.com/PbWGVtOVOZ

— Lookonchain (@lookonchain) March 1, 2024

The sentiment shown by this whale suggests that the price of these tokens might continue to rise, whereas meme coins could take the backseat.

Decentraland (MANA)

MANA’s price has increased by 85.15% in the last 30 days. Despite that, bulls refrained from allowing sellers to take control as they built more volume around the $0.56 support. On the road to $0.65, bulls encountered a hurdle at $0.57 but broke through the resistance.

However, the 4-hour MANA/USD chart showed that the price had declined to $0.63. Coin Edition also observed that the Supertrend had indicated a buy signal at $0.56. Currently, the indicator has not flashed a sell signal for MANA.

Therefore, there could still be room for further upside. At press time, the Aroon Up (orange) had a higher reading than the Aroon Down (blue). This indicates another possible climb for the token.

Whale Turns to MANA, SAND, and GALA Using PEPE’s Gains, Here’s Why

MANA/USD 4-Hour Chart (Source: TradingView)

If buyers continue dominating the market, MANA could gain another 50% in the coming weeks. If this is the case, MANA’s price might hit $0.94. However, a drawdown remains an option but is unlikely to slide below $0.57.

The Sandbox (SAND)

SAND followed a similar structure to MANA as the price was trading at $0.60 at press time. In the 4-hour timeframe, the 20 EMA (blue) had crossed over the 50 EMA (yellow), suggesting a bullish trend.

In addition, SAND’s price had broken above both EMAs, indicating that a further upside could be possible. From the crossover (golden cross), which was at $0.47, SAND could extend higher than $0.60.

In the short term, the value of the token could hit $0.70, which would represent a 47.51% climb from $0.47. However, traders need to watch out for bears who might want to pull down the price.

Whale Turns to MANA, SAND, and GALA Using PEPE’s Gains, Here’s Why

SAND/USD Daily Chart (Source: TradingView)

Gala Games (GALA)

The fact that the whale bought more GALA than the others makes it a token to watch. Coin Edition looked at the GALA/USD daily chart and noticed the bullish projections shown by the Fibonacci indicator.

At press time, the 0.618 Fib retracement was at $0.030, whereas GALA’s price stood at $0.040. This implied that there could be a 25% pullback. However, the same indicator suggested that the altcoin could rise to $0.063 (2.618 Fib) or, in a highly bullish case, $0.079 (3.618).

Whale Turns to MANA, SAND, and GALA Using PEPE’s Gains, Here’s Why

GALA/USD Daily Chart (Source: TradingView)

If bulls maintain the buying momentum shown by the RSI, then GALA might run upwards before a retracement. However, if it is the other way around, the token could decline, and traders might have to find a new entry before another rally.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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