The Made in USA coin index has marked the beginning of September with a robust performance, achieving gains exceeding 7%. This uptick was significantly influenced by notable movements in tokens such as Worldcoin and WLFI. However, as certain tokens approach potential retracements, cryptocurrency enthusiasts are directing their focus to three additional tokens that show promising bullish trends.
These tokens are not only demonstrating strong bullish chart configurations but are also attracting consistent investments from large-scale investors, often referred to as whales. This trend suggests that these tokens could be key players in the market ahead of anticipated interest rate cuts later in September.
The first token highlighted is Chainlink (LINK), which has experienced a relatively flat week, registering a decline of 2.1%. Despite this minor setback, LINK has risen by 5.6% over the past month. Accumulation activity behind the scenes has been noteworthy, with data from Nansen indicating that whale investors have raised their holdings by 28.48% in the past 30 days, adding approximately 1.1 million LINK, valued at around $24.7 million.
Additionally, cryptocurrency exchanges have reported a 2.33% decrease in balances, with 6.46 million LINK, nearly $145 million, exiting exchanges. This flow out of exchanges indicates that both whales and smaller investors are withdrawing their tokens from the market, suggesting bullish sentiment.
Technical analysis shows that LINK is currently supported at $21.38, with critical resistance at $24.74. A break above $27.86 could signal further price increases, while a drop below $18.63 would indicate more significant downward pressure.
Next on the list is Pudgy Penguins (PENGU), which saw a 17% correction over the past month but has rebounded with an 8% increase in the last 24 hours, resulting in a 7-day gain of 11.6%. This resurgence positions PENGU as another token to watch closely.
Nansen’s data indicates that smart money has increased its holdings by 6.65% over the past day, totaling 75.87 million tokens. This strategic positioning often anticipates swift price changes and is particularly noteworthy in light of the upcoming rate cuts.
Similar to LINK, PENGU has exhibited a hidden bullish divergence in its RSI, indicating that while immediate momentum might appear weak, a more substantial uptrend could be on the horizon. The critical resistance level for PENGU sits at $0.032, with potential gains targeted at $0.036 and $0.041. Conversely, falling below $0.027 could invalidate the bullish outlook.
Lastly, Cardano (ADA) rounds out the list of noteworthy tokens. Although ADA has experienced a minor dip in the last week, whale activity suggests a different narrative. Investors holding between 10 million and 100 million ADA have increased their holdings significantly—from 12.92 billion to 13.06 billion—adding 140 million ADA worth nearly $117.6 million.
The technical outlook for Cardano is also showing promise. A recent bullish crossover of the 20-period exponential moving average (EMA) over the 50-EMA indicates strengthening momentum. The next significant resistance level sits at $0.85, and successfully breaking through that area could lead to further increases toward $0.96.
Collectively, the increasing investments from significant players and the technical indicators suggest that Chainlink, Pudgy Penguins, and Cardano may experience substantial price movements in the coming weeks, particularly as the market anticipates the forthcoming rate cuts.
