Tagger saw a sharp turnaround after its recent dip below the $0.0011 mark. The token slid to $0.00102 but quickly bounced back, climbing to a two-month peak at $0.00149 before settling around $0.00134, still up nearly 14% on the day. This impressive recovery coincided with a surge in trading volume, which shot up 141% to $11.75 million, signaling renewed market interest.
Whales Step In With Massive Accumulation
The rebound came as large holders reversed their stance. Just days earlier, whales were offloading near $0.00144, taking profits and pushing the price down. But from July 29, those big players began loading up again, scooping over 15 billion TAG tokens according to data from Arkham. This shift in sentiment also led to a dramatic 77% drop in Tagger's exchange supply between July 27 and 31, as more than $7.2 million worth of TAG left trading platforms, reducing immediate sell-side pressure.
Speculative Traders Return, Boosting Derivatives Activity
Riding the whale accumulation wave, speculators jumped back in. Derivatives volume surged 370% to $39 million, while open interest climbed 14.3% to $23 million, reflecting fresh positions opening during the rally. The long-to-short ratio on major exchanges like Binance and OKX edged just above 1, indicating a slight bias toward bullish bets but no overwhelming conviction. This leveraged interest could fuel further gains or amplify losses if positions unwind rapidly.
Technical Indicators Point to Momentum With Resistance Ahead
Tagger's Relative Strength Index crossed bullish territory, peaking at 63 before pulling back slightly to 62, suggesting strong momentum without overheating. The Relative Vigor Index also ticked higher, reinforcing the positive trend. If this momentum holds, TAG might reclaim the $0.0014 level and set sights on resistance near $0.00158. On the flip side, fading momentum or profit-taking could drag prices back toward $0.0011 support.
This content is for informational purposes only and does not constitute financial advice.
