- Lookonchain’s analysis offers crucial guidance for traders considering BIGTIME.
- The correlation between BIGTIME price movements and reward withdrawals was highlighted.
- BIGTIME experiences an 8.92% price surge amid declining market activity.
In a recent tweet, Lookonchain, a well-known crypto market on-chain resource, highlighted the remarkable upswing in the price of the freshly listed cryptocurrency Big Time (BIGTIME). Specifically, Lookonchain raised a critical query for traders concerning assessing BIGTIME’s price changes, mainly whether to adopt a long or short position.
Notably, Lookonchain’s analysis for BIGTIME traders comes amid the cryptocurrency encountering a decline in the last 24 hours. The market tracker argued that the decline in BIGTIME primarily resulted from users withdrawing their BIGTIME rewards and depositing them into exchanges.
Moreover, Lookonchain shared a chart illustrating that BIGTIME’s price movement correlated with the number of BIGTIME reward withdrawals. The chart appears to be a 24-hour window chart indicating the cryptocurrency moved in line with the rewards cash out.
Therefore, Lookonchain concluded that those considering betting on the future trajectory of BIGTIME should focus on monitoring the activities related to the withdrawal addresses of BIGTIME rewards.
The market tracker believes such vigilance could significantly inform trading strategies. The tweet included a link to a blockchain explorer page of the token, detailing recent fund movements.
Notably, BIGTIME currently exchanges hands at $0.2138, with an 8.92% drop over the past day. Crypto market participants bought and sold $146.53 million of BIGTIME during the same period. Meanwhile, the figure represents a 40.83% decline from what was observed in the past day.
It is worth mentioning that BIGTIME is a multiplayer action roleplaying game for PC that boasts a unique blend of a swift combat system and an open in-game economy, where players actively participate in creating and trading game items.
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.
