- Insider selling activity in MEMEcoin (MAGA) prompts concern as one entity controls a significant portion of the token supply.
- Technical analysis signals a bearish trend for MAGA, prompting traders to consider short positions or await reversal signals.
- Ethereum’s bullish surge contrasts with cautionary RSI levels, indicating potential price corrections despite its impressive 18.07% gain.
Lookonchain, an on-chain analytics platform , has identified significant insider selling activity affecting the MEMEcoin ($MAGA) on the Ethereum blockchain.
According to their report, an insider utilized 22 separate wallets to acquire an initial holding of 140.4 billion MAGA tokens, representing one-third (33.37%) of the total supply, for a mere 5.35 ETH (approximately $19,586). Subsequently, the insider sold 79.9 billion MAGA tokens for 320 ETH (roughly $1.05 million), retaining a holding of over 60.5 billion MAGA tokens, currently valued at more than $9 million.
This news has demonstrably impacted the MAGA token price, which currently stands at $7.61, reflecting a moderate decline of 3.83% over the past 24 hours. Despite this, the token maintains a live market capitalization of $334,831,308 and a trading volume of $13,900,699, suggesting ongoing interest and trading activity in the market.
Technical analysis of MAGA’s price action reveals a bearish trend, with the MACD on the 4-hour chart reading at -0.170. Traders are advised to consider shorting positions or wait for a reversal signal before entering long positions.
Source: TradingView
Moreover, MAGA’s RSI on the 4-hour chart stands at 45.22, indicating a balanced level of buying and selling pressure, suggesting a potential consolidation period before the next significant price movement.
Ethereum (ETH) continues its upward trend, with the price reaching $3,664.97, reflecting an increase of 18.07% in the last 24 hours. Ethereum’s live market capitalization is $440.263 billion, and its circulating supply is 120.127 million ETH.
Despite Ethereum’s recent gains, the Relative Strength Index (RSI) on the 4-hour price chart is at 84.65, indicating overbought conditions. Traders are urged to exercise caution and monitor RSI levels closely for potential price corrections.
Source: TradingView
Meanwhile, the Moving Average Convergence Divergence (MACD) for Ethereum (ETH) currently stands at 152.7 on the 4-hour price chart, indicating a strong bullish trend. This suggests that the price of Ethereum has been consistently rising, with the MACD line moving significantly above the signal line.
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.
