Accumulation of Maker (MKR) by Whales: Lookonchain, a well-known on-chain analytics platform, revealed today that three prominent whales have been actively accumulating Maker (MKR). According to the report, these whales withdrew over $3 million from major exchanges Binance and OKX.
Going into more detail, the first whale (0x6b) made a significant withdrawal of 1,001 MKR tokens, equivalent to $1.46 million, from Binance. Shortly after, another whale (0x9e) transferred 869 MKR tokens, valued at around $1.27 million, from the same exchange. The most recent activity was observed from whale 0xB4, who withdrew 300 MKR tokens from OKX, worth approximately $437 thousand at the time. This whale currently holds MKR tokens estimated to be worth $1.17 million.
Market Performance of MKR: According to the latest data from CoinMarketCap, MKR has experienced a promising 4.34% increase in price over the last 24 hours, reaching a trading price of $1,481.63. This bullish trend is further supported by a significant 32.57% surge in MKR’s daily trading volume, totaling nearly $49.27 million.
Insights from Technical Analysis: In terms of technical analysis, the daily chart for MKR has recently shown a significant event in which the daily RSI line crossed above the daily RSI SMA line. This crossover typically indicates a bullish momentum, suggesting that buyers may dominate the market. If this trend continues, MKR’s price could potentially experience further upward movement within the next 24-48 hours.
If the bullish momentum of MKR remains strong, the altcoin may target the $1,605 resistance level in the upcoming days. However, if traders decide to take profits, MKR’s price may revisit the $1,385 support level, aligning with the 9-day EMA line.