- GHOST, a bullish privacy-focused cryptocurrency, is gaining popularity.
- It has attracted major buyers after rising more than 60% in the previous week.
- The altcoin maintains a bullish stance while a whale accumulated 4.8 million tokens.
GHOST is one of the few tokens showing an upward trajectory amid widespread selling pressure across the broader cryptocurrency market.
The digital token surged over the past few sessions as privacy-focused cryptocurrencies gained traction, with Zcash leading the move.
Meanwhile, GHOST’s notable performance has drawn attention from investors seeking opportunities to buy on dips.
For context: the altcoin has risen roughly 65% over the past seven days.
According to Lookonchain, a new wallet withdrew 523.39 SOL — roughly $100,500 — from Binance and used the funds over the past 24 hours to purchase about 4.8 million GHOST tokens.
The timing of the transaction has fueled speculation. Should investors expect continued rallies from this altcoin?
The entry appears strategic, occurring alongside bullish price action and suggesting confidence in an extended upswing for GHOST.
About Ghost
Ghost is a decentralized platform designed to bring strong privacy to the cryptocurrency ecosystem.
The network’s native token, GHOST, enables users to conduct transactions with enhanced anonymity.
Whereas assets like Bitcoin publish transaction histories openly, Ghost obscures transactions across its network.
It masks transaction details for both senders and recipients to maximize privacy.
The altcoin has remained in the spotlight recently as interest in privacy tokens has increased.
For example, Zcash surged nearly 400% in October while the wider crypto sector grappled with uncertainty. GHOST rose roughly 115% last month.
Whale accumulation fuels optimism
The whale transfer ignited discussion within the Ghost community, generating social mentions and drawing further attention to the token.
While some questioned the whale’s motives, others view the accumulation as a vote of confidence in the project.
Trading volumes reflected the improved sentiment. GHOST’s daily volume jumped over 600% to $2.81k, indicating renewed user interest in the digital currency.
Ghost also appears to have sufficient liquidity on decentralized exchanges, suggesting that organic demand is supporting GHOST’s rally.
GHOST price outlook
The altcoin maintains a bullish outlook and is trading at approximately $0.06215 at the time of writing.
It has gained more than 65% over the past week and about 115% in the last month.
Technical indicators signal potential further rallies for the altcoin.
GHOST, for instance, is trading well above the important 50 and 100 exponential moving averages on the 4-hour chart, suggesting a reliable support zone for the digital asset.
The Moving Average Convergence Divergence (MACD) displayed a bullish crossover with strong green histogram bars.
GHOST could extend its rally before any cooldown occurs.
However, the 4-hour Relative Strength Index (RSI) sits around 72, highlighting overbought conditions and the possibility of an impending correction.