Whale Movements with MKR: The renowned on-chain analytics platform, Lookonchain, disclosed earlier today that three prominent whales have been actively accumulating Maker (MKR). The report highlighted that these whales collectively withdrew a staggering amount exceeding $3 million from major exchanges Binance and OKX.
Diving deeper into the specifics, the first significant withdrawal was made by whale 0x6b, who moved 1,001 MKR tokens, equivalent to $1.46 million, out of Binance. Shortly after, another whale, identified as 0x9e, transferred 869 MKR tokens, valued at approximately $1.27 million, from the same exchange. The most recent activity was observed from whale 0xB4, who withdrew 300 MKR tokens from OKX, which at the time of the transaction, was valued around $437 thousand. This whale’s current MKR holdings are estimated to be worth $1.17 million.
MKR’s Market Performance: As of the latest data, CoinMarketCap showcased a promising 4.34% increase in MKR’s price over the last 24 hours, positioning the altcoin at a trading price of $1,481.63. This bullish trend was further emphasized by a significant 32.57% surge in MKR’s daily trading volume, which amounted to nearly $49.27 million.
Technical Analysis Insights: From a technical analysis perspective, MKR’s daily chart recently showcased a significant event where the daily RSI line surpassed the daily RSI SMA line. This crossover typically indicates a bullish momentum, suggesting that buyers might be dominating the market. If this trend persists, MKR’s price could potentially see further upward movement in the next 24-48 hours.
If the bullish momentum of MKR remains intact, the altcoin might target the $1,605 resistance level in the upcoming days. However, if traders decide to capitalize on their profits, MKR’s price might revisit the $1,385 support level, aligning with the 9-day EMA line.
