- Maker (MKR) has been facing significant resistance as large whale wallet addresses continue to offload their holdings.
- Despite this selling pressure, Maker remains a leader in the crypto lending space, with a total locked value exceeding $9 billion.
- Notably, MKR has struggled to break through the $3,000 resistance level despite ongoing investor interest.
Discover why Maker (MKR) is facing selling pressure from whale addresses but still remains a prominent crypto lending protocol with a total locked value of over $9 billion. Explore the price trends and technical indicators pointing to the future direction of MKR.
Current Trends in MKR Price
Maker’s (MKR) price recently experienced a 3% decline after hitting resistance around the $3,000 mark. The cryptocurrency currently hovers above significant support levels provided by the 50-day and 200-day simple moving averages (SMA), situated at $2,818 and $2,433, respectively. Since mid-April, Maker has faced considerable resistance within the $3,000 to $3,160 range. This has been exacerbated by intensified whale sales, particularly since April 21, complicating the overall price outlook.
Technical Indicators and Their Implications
Despite the recent resistance, several technical indicators suggest that MKR’s bullish trend might still be intact. The Moving Average Convergence/Divergence (MACD) indicator, for instance, remains above both the zero and signal lines, hinting at a potential price reversal. On July 16, the Relative Strength Index (RSI) nearly entered overbought territory before retracing to 59.43, with its moving average stationed at 54.87, which could now act as support. Furthermore, the Chaikin Money Flow (CMF) indicator reached a peak of 0.38 on the same day and remains elevated at 0.34, indicating sustained buying momentum despite short-term pullbacks.
Key Insights for Investors
The intensified sale of MKR by whale addresses starting April 21 has added substantial selling pressure. However, MKR maintains its position above critical support levels at $2,818 and $2,433. Technical indicators like MACD and RSI are pointing towards potential bullish trends. The Chaikin Money Flow continues to show strong buying pressure, which is a positive signal for future price movements. It’s worth noting that despite whales moving significant amounts of MKR to exchanges, the total supply on exchanges saw a decline to 114,750 by July 16. This suggests that the market may still have room for a rebound.
Conclusion
In summary, while whale selling and market sentiment are adding short-term resistance around the $3,000 level, key technical indicators and support levels indicate a possible rebound for MKR. Investors should focus on these support levels and technical metrics for an informed perspective on MKR’s future price direction. Further monitoring of whale activities and market trends will be essential to gauge the long-term viability of holding MKR.
