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Whale activity in Maker (MKR) has surged by 14 times, is the MKR price about to take off?
In the past couple of days, large transactions of Maker (MKR) have increased by over 1400%, which is quite shocking! However, even though the whales are very active, technical indicators and on-chain data have somewhat differing views on MKR.
As of now, the price of MKR has increased by nearly 2% in the last 24 hours, approximately $1513.
The performance of this token is similar to the overall cryptocurrency market, which has risen by 24% this month.
However, MKR's price has been oscillating between $1419 and $1550 for the past two weeks. With the whales moving, it might just break this stalemate.
According to IntoTheBlock data, large MKR transactions over $100,000 surged from 3,840 to 60,730, increasing 14 times in just two days!
Moreover, 51% of MKR is held by whales.
The key price level to focus on now is $1550; MKR needs to break through this resistance level and see a large amount of buying before it can be considered a true increase. However, it seems that buyers are not very interested in breaking through this price level, and the trading volume has stabilized, with buying and selling pressures roughly balanced.
Traders also need to pay attention to the seller liquidity at $1678; MKR may rise to consume this liquidity, but it can only continue to rebound if buyers follow through.
The current Random Relative Strength Index (RSI) is 24, indicating that MKR is oversold and may adjust upwards in the short term. But traders also need to be cautious of the support level at $1419; if it breaks, MKR may fall.
Additionally, the Network Value to Transactions (NVT) ratio of MKR has dropped from 121.47 to 13.17, with a significant increase in trading volume. Generally, a decreasing NVT ratio may suggest that the token is undervalued.
This discrepancy may indicate that the high trading volume is actually whales taking profits. Consequently, MKR's price may decline.
In the derivatives market, traders' attitudes towards MKR are also somewhat uncertain. Open interest has decreased from $129 million to $86 million in two weeks.
This reduction in speculative activity may also be one of the reasons MKR is currently in a consolidation phase.
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