- A whale of MKR Coin withdrew $12.3 million worth of altcoin from Binance exchange today.
- The whale’s movement led to the coin’s price reaching its daily peak.
- MKR Coin continues to trade within a narrow range.
Whales in the cryptocurrency market tend to go quiet during bear markets and start accumulating towards the end of the bear season. The recent movement was exciting as we saw the price of the popular altcoin move with the million-dollar withdrawal. What does this mean for the altcoin in question? What do current price predictions tell us?
Whale Movements in Maker Coin
A significant MKR Coin whale (0x47…5005) today withdrew 11,231 MKR Coin worth $12.3 million from Binance exchange. This movement led to a price increase as investors received clear accumulation signals for MKR. The whale also made withdrawals of UNFI, LPT, and TRB from Binance since August 23. Withdrawals from exchanges to personal wallets are generally considered long-term accumulation signals. If the amount is high, investors interpret this as the whale’s expectation of a price increase for the relevant cryptocurrency.
The MKR Coin price, which started the day at $1,138, climbed to $1,185 with this news. Subsequent profit-taking pushed the price to $1,083. The price is now continuing to find buyers in the exact middle range of the bottom and top.
Comments on MKR Coin
Maker (MKR) Coin price successfully maintains the support level of $1,000. The bears also maintain their successful position in defending the resistance level. So, the price is stuck in a narrow range. The bulls have repeatedly pushed the price above the downtrend line in the last few days but could not sustain higher levels due to incoming sales. If the price rises and closes above the downtrend line, it will indicate that the buyers have returned to the game. Buyers could then aim to push the price above $1,227 and target $1,370.
On the other hand, if the price remains below the 20-day EMA ($1,106), it will indicate bear dominance. The pair could then drop to the strong support of $980. In the bullish scenario, the size of profit-taking coming in the $1,186, $1,227, and $1,280 region will be significant. For the downturn, $1,040 and $980 supports can be monitored.
Of course, BTC price performance continues to be the main factor significantly influencing the direction of altcoins. According to technical analysis, it may be logical for investors to take positions depending on the above levels in a possible downturn or BTC rally.
Conclusion
The recent whale movements in MKR Coin and the subsequent price increase highlight the significant impact that large investors can have on the cryptocurrency market. While the price of MKR Coin is currently stuck in a narrow range, the actions of these whales could potentially trigger a breakout. Therefore, investors should keep a close eye on these movements and adjust their strategies accordingly.
