Maker Price
Maker Price Slumps 3% as MKR-Related Wallets Deposit $16M to Binance
Published
2 months agoon
By
adminMaker price faced some resistance as a whale wallet related to the company continued to dump the token. The company ranks among the largest crypto lending protocols, with over $9 billion total value locked. The price of MKR dropped 3% as the asset was rejected from the $3,000 resistance level.
Maker Price Analysis: Bulls Remain Strong In the Face of Potential Sell-Off
MKR price is trending above the 50-day (green) and 200-day (black) simple moving averages (SMA), which is a confirmation that the uptrend is still intact. Below the Maker price action, these two SMAs provide support around $2,818 (50-day) and $2,433 (200-day).
A strong barrier exists between $3,000 and $3,160 that has suppressed the price of MKR since April 18, when the asset fell below it. Coincidentally, the dumping MKR whale began its sell-off on April 21, per Lookonchain.
The #Maker-related wallets have deposited 5,750 $MKR($16.76M) to #Binance in the past 3 days.
They have been selling $MKR since April 24, and they sold $MKR at high prices most of the time.
They have deposited 18,900 $MKR($53.83M) to #Binance at $2,848 since April 24 and still… pic.twitter.com/0JwuGA4aXL
— Lookonchain (@lookonchain) July 18, 2024
MKR has tested the resistance three times in the past three months, with the third test occurring on July 17, when the price was rejected.
Technical indicators reveal Maker DAO’s bullish tendencies are not over. The moving average convergence/divergence (MACD) indicator is above the zero line and also above the signal line – although there is some slight hint of turning.
The relative strength index (RSI) which shows the trend momentum, barely grazed the overbought (OB) zone on July 16, before retracing to 59.43. The RSI moving average (MA) is at 54.87 and may provide a cushion for it as it approaches the midpoint.
The Chaikin money flow made an all-time high of 0.38 on July 16, signaling extreme buying pressure for the asset. The indicator is currently at 0.34 and headed upwards, signaling Maker price may continue in an uptrend after this short retrace.
Maker Whales Take Over $16 Million in Profits in July
Maker whales made bank in July, booking profits to the tune of over $16 million, Santiment shows. Nevertheless, the price of Maker continued soaring, booking 17.2% gains in the past week.
Lookonchain, an on-chain analysis firm, spotted the whales moving large sums of MKR to crypto exchanges. Nevertheless, despite the huge deposits, MKR supply on exchanges has dropped to 114,750 as of July 16, per Santiment.
Even as holders continue to take profit, MKR price remains above the key support level of $2,650, which coincides with the 50-day SMA. MKR could bounce off this support and make a break for the previous all-time high.
Bottom Line
Maker price experienced a 3.8% price decline following the deposit of $16 million worth of MKR from related wallets to Binance. The price slump reflects market unease coupled with a historical resistance of around $3,000, which can be interpreted as a sell signal for MKR in the short term.
Frequently Asked Questions (FAQs)
MKR is a governance token used to vote on important decisions within the Maker protocol, including risk parameters, collateral types, and fee adjustments.
To participate in Maker governance, you need to hold MKR tokens. You can then vote on governance proposals through the MakerDAO governance portal. Voting power is proportional to the amount of MKR held.
In the past three days, Maker-related wallets have deposited a total of 5,750 MKR tokens, valued at approximately $16.76 million, to Binance.
Related Articles
Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
You may like
Eyes on Solana’s recovery in September as APORK looks to be next to pump 100x
Sui Price Eye 96% Hike; Is ATH Within Reach Soon?
Spanish Crypto Exchange Bit2Me Obtains License in Argentina as a Virtual Asset Service Provider
Bitcoin price ready for bullish breakout, analysts say
Toncoin Price Eyes $8 Breakout as TON Network Hits $1 Billion USDT Issuance
A crypto with 11x growth potential attracting ETH & TON whales
Eyes on Solana’s recovery in September as APORK looks to be next to pump 100x
Sui Price Eye 96% Hike; Is ATH Within Reach Soon?
Spanish Crypto Exchange Bit2Me Obtains License in Argentina as a Virtual Asset Service Provider
Bitcoin price ready for bullish breakout, analysts say
Toncoin Price Eyes $8 Breakout as TON Network Hits $1 Billion USDT Issuance
A crypto with 11x growth potential attracting ETH & TON whales
Mpeppe Takes Internet Computer (ICP) Spot As Top Gainers ICP Holder Look To Liquidate
Bitcoin Price $60K Breakout Meets Major Accumulation; Is ATH Next Stop?
Arbitrum, ApeCoin in focus ahead of big token unlocks
Is Ethereum Price $4K Rally at Risk Amid Pectra Upgrade Division Talks?
Analyst Benjamin Cowen Predicts Altcoin Bleed-Out Toward End of the Year – Here’s Why
$1.3b Bitcoin left exchanges, bulls deny losing $60k
World’s 5th Top Crypto Investor Lost $43.5M Revealing How Not All Trades Are Perfect
When Are the Next Big Telegram Game Airdrops? From ‘Hamster Kombat’ to ‘Catizen’ and ‘Rocky Rabbit’
Base Blockchain active addresses, transactions hit all-time high
Top Crypto News Headlines of The Week
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Bitcoin Open-Source Development Takes The Stage In Nashville
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Why Did Trump Change His Mind on Bitcoin?
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Citigroup Executive Steps Down To Explore Crypto
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Dormant Bitcoin wallet from 2014 moves BTC worth $10.2m
Polygon on-chain activity spikes despite MATIC price dip
Will Toncoin Price Crash to $2 As Founder Gets Arrested In France?
Australia’s police joins global campaign to disrupt crypto scams
Trending
- 24/7 Cryptocurrency News4 weeks ago
Top Crypto News Headlines of The Week
- Bitcoin2 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Bitcoin2 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Opinion2 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Altcoins1 month ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So
- Donald Trump2 months ago
Why Did Trump Change His Mind on Bitcoin?
- Price analysis1 month ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
- Price analysis1 month ago
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
✓ Share: