Whale Transfers 449,668 AVAX To Binance, Market Signals Over-Buying Activity

• Lookonchain recently reported that a whale had deposited 449,668 AVAX to Binance.
• In the past, Lookonchain also noticed that the whale withdrew 534,669 $AVAX.
• Priced at $22.60, AVAX is currently experiencing a double-digit spike of 16.54%

Lookonchain, a market on-chain analytics platform, recently reported that a whale had deposited 449,668 AVAX to Binance, worth approximately $10.3 million. The analytics platform also stressed that approximately $3.8 million in profit would be earned if the whale sold it. 

A whale deposited 449,668 $AVAX($10.3M) to #Binance 1 hour ago, and would have realized a profit of ~$3.8M if sold.

The whale withdrew 534,669 $AVAX($7.72M) at $14.45 from #Binance on Nov 23&24, 2022 and June 6, 2023.

Currently holds 85K $AVAX($1.95M).https://t.co/oauYfoAaMN pic.twitter.com/7SkDIftZdW

— Lookonchain (@lookonchain) November 16, 2023

In the past, Lookonchain also noticed that the whale withdrew 534,669 $AVAX at $14.45 from Binance on November 23 and 24, 2022, and June 6, 2023. Finally, the analytics platform reported that the whale currently holds 85,000 AVAX, valued at approximately $1.95 million at the reported time. One of the users commented that there is a chance of dumping. 

AVAX is currently experiencing a double-digit spike of 16.54% in one day. After observing a massive spike, AVAX, trading in the green zone, is priced at $22.60 at the reported time. Furthermore, the altcoin was able to maintain a 66% surge over the seven-day period. A positive green percentile of the trading volume, as observed in CoinMarketCap, could be a sign of buyers in the market. 

The continuous green candlesticks forming on the chart pushed the altcoins into the top-half of the Bollinger Bands. Moreover, the spike that AVAX is experiencing made the candlestick hug the upper band of the Bollinger Band. Candlesticks breaking beyond the upper band are often viewed as overbought activity by most traders.

Meanwhile, the RSI also confirms the presence of a large number of buyers (or a few whales) in the AVAX market. This could be observed as the indicator is currently valued at 80.47, the overbought region. 

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