- The MKR has risen by more than 1.3% in the past 24 hours.
- Whales continued to stock MKR, but market indicators were bearish
Maker [MKR] had a rough week as the price fell, causing fear among investors. As the price of the token fell, whales took advantage of the opportunity to buy more tokens, causing the price of MKR to rise.
Realistic or not, here it is MKR market cap in BTC conditions
Maker whales are stockpiling
According to CoinMarketCapMKR’s share price fell by more than 3% in the past seven days, leaving investors to bear losses. But many saw this as an opportunity to increase their accumulation in the hope of a price increase in the days that followed.
In fact, Lookonchain’s recent tweet revealed that a whale had withdrawn 840 MKR worth over $1.17 million from Binance.
A whale retreated 840 $MKR ($1.17 million) from #Binance again just now and the price of $MKR briefly rose by 1.7%.
The whale withdrew 1,457 $MKR ($1.61 million at the time) from #Binance on the previous July 25, when the price was $1,105.
https://t.co/Be14ZMAOhE pic.twitter.com/y7xvQLtLgc— Lookonchain (@lookonchain) October 11, 2023
Shortly after this trade, MKR’s price registered an increase of almost 1.7%, turning the daily chart green. The whale had previously withdrawn 1,457 MKR, which was worth over $1.6 million at the time, from Binance on July 25, 2023.
At the time of writing, the MKR had risen more than 1.3% in the past 24 hours. Maker was also valued at $1,399.60 with a market cap of over $1.3 billion.
It appeared that several whales were buying MKR, which was evident from the increase in whale transactions, along with a similar increase in prime supply over the past week.
However, it was interesting to note that although whales increased accumulation, MKRThe supply on the stock exchanges and the supply outside the stock exchanges remained relatively flat last week.
Source: Santiment
If the statistics are true, market sentiment around the token has also turned positive. According to LunarCrush, Maker’s social mentions have skyrocketed over the past week.
This happened while bullish sentiment rose by more than 14%. Moreover, there was another bullish indicator MKR‘s Altrank, which improved last week.
Source: LunarCrush
Read Makers [MKR] Price prediction 2023-24
What’s next for Maker
While some data were bullish, most market indicators supported the sellers. For example, the Money Flow Index (MFI) recorded a steep decline.
The Relative Strength Index (RSI) hovered around the neutral mark of 50. Moreover, Maker’s MACD showed a bearish advantage in the market. Nevertheless, the Chaikin Money Flow (CMF) remained bullish as it rose in recent days.
Source: TradingView