ambcrypto.com
Tagger [$TAG] reversed sharply after losing the $0.0011 support four days ago.
The altcoin fell to $0.00102 before buyers returned and pushed it to a two-month high of $0.00149. $TAG later retraced to $0.00134 but remained up 13.98% on the daily chart.
Meanwhile, Trading Volume surged 141% to $11.75 million, reflecting stronger market participation.
Why is Tagger price rising?
Tagger [$TAG] rebounded as whales deployed capital following the recent decline. Four days earlier, $TAG faced rejection near $0.00144 as whales booked profits.
However, whale sentiment shifted from the 29th of July as large holders resumed accumulation. Eveningtrader reported that four whales accumulated more than 15 billion $TAG.
In addition, Addliquidity observed that over $7.2 million in $TAG left exchanges between the 27th and 31st of July.
Consequently, $TAG’s exchange supply dropped 77%, reducing the amount immediately available for trading. That decline could ease near-term selling pressure if whale demand persists.
Are traders betting on $TAG?
Speculative traders returned after Tagger recovered from its recent decline.
According to CoinGlass, Derivatives Volume jumped 370% to $39 million. Open Interest also increased 14.3% to $23 million.
Rising Open Interest and Derivatives Volume showed that traders were opening new positions during the rally.
Tagger’s Long/Short Ratio climbed above 1 on Binance and OKX, while the overall ratio reached 1.004. The reading showed a slight preference for long positions rather than overwhelming bullish conviction.
Leveraged demand could extend $TAG’s rally. However, it could also deepen losses if traders begin closing crowded positions.
Can Tagger reclaim $0.0014?
Tagger’s Relative Strength Index [RSI] formed a bullish crossover and climbed to 63 before easing to 62. At 62, the RSI reflected strong upside momentum without entering overbought territory.
Likewise, the Relative Vigor Index [RVGI] reversed from 0.05 to 0.07, supporting the improving momentum.
A bullish Relative Vigor Index crossover could provide stronger confirmation of the current trend.
Under that scenario, $TAG could reclaim $0.0014 before targeting the $0.00158 resistance. However, fading speculation and profit-taking could push $TAG below $0.0013, exposing the $0.0011 support again.
Final Summary
- $TAG surged to a two-month high after four whales accumulated over 15 billion tokens.
- Exchange supply dropped 77% as Derivatives Volume and Open Interest increased.