Crypto Whales Trigger Maker (MKR) Volatility with Significant Moves

In the dynamic world of cryptocurrencies, influential participants called “whales” often cause market volatility. Spot On Chain, an on-chain data insights provider, recently found substantial whale activity tied to Maker (MKR). One huge investor deposited 9,696 MKR, worth $13.9 million, at an average price of $1,438. This large dump reflects a single perpetrator.

Cryptocurrency Maker (MKR) Shows Strong Uptrend Since June

In late July, this whale bought 9,696 MKR from Coinbase before the price spike. Their holdings total $11.6 million, with an average acquisition cost of $1,200 per MKR. This strategic decision is expected to generate $2.3 million, a 19.7% increase.

A notable investor, 0xd4e, bought 7,155 MKR in cryptocurrency from Coinbase 30 minutes earlier. This acquisition cost $10.3 million, averaging $1,437 per MKR. Cetaceans have collectively held $64.5 million in MKR tokens since July 27th.

This group’s unrealized profit is $3.83 million, up 6.3%. The Maker (MKR) cryptocurrency has risen significantly, especially in June, following a strong upward support trendline. Bullish price momentum strengthened in August, confirming the trendline. Recent market activity has confirmed the $1,000 horizontal support level.

MKR Hits 2022 High at $1,651 But Struggles to Break $1,600 Barrier

MKR peaked at $1,651 on October 24, a level not seen since May 2022. Despite this enormous gain, the cryptocurrency failed to break $1,600, forming a protracted upper wick on the price chart. This increase is intriguing because Binance received $14.6 million in MKR at the start of October. Large deposits on centralized exchanges can reduce selling activity. MKR’s price rose steadily, straying from the norm.

Technically, the weekly Relative Strength Index (RSI), a momentum indicator, indicates a favorable trend. An RSI value over 50 and an upward trend indicate bullish market sentiment. As of now, the RSI is overbought. However, there is no bearish divergence, suggesting the trend may continue.