Whale Accumulation of MKR: According to Lookonchain, a well-known on-chain analytics platform, three prominent whales have been actively accumulating Maker (MKR). These whales collectively withdrew over $3 million from Binance and OKX, two major exchanges.
Upon closer examination, the first whale, identified as 0x6b, withdrew 1,001 MKR tokens ($1.46 million) from Binance. Shortly after, another whale, known as 0x9e, transferred 869 MKR tokens ($1.27 million) from the same exchange. Lastly, whale 0xB4 withdrew 300 MKR tokens ($437 thousand) from OKX, bringing their estimated holdings to $1.17 million.
MKR’s Market Performance: With the latest data from CoinMarketCap, MKR has experienced a promising 4.34% price increase in the last 24 hours, reaching a trading price of $1,481.63. Additionally, MKR’s daily trading volume soared by 32.57% to almost $49.27 million.
Technical Analysis Insights: A significant development on MKR’s daily chart shows the RSI line surpassing the RSI SMA line, a bullish momentum indicator. This suggests that buyers may be dominating the market. Should this trend continue, MKR’s price could potentially climb higher in the next 24-48 hours.
If the bullish momentum persists, MKR may aim for the $1,605 resistance level in the coming days. However, if traders opt to capitalize on their profits, MKR’s price could revisit the $1,385 support level, aligning with the 9-day EMA line.