Tagger [TAG] surges 14%, hits 2 month high after whale accumulation – What’s next?

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.