Crypto News- Lookonchain, the on-chain tracking platform, recently unveiled through an X (formerly Twitter) post that three substantial whales are engaged in the accumulation of Maker (MKR). According to the post, these significant MKR holders collectively withdrew over $3 million from both Binance and OKX exchanges.
MKR Attracts Whale Activity: Is an Impending Altcoin Price Surge on the Horizon?
The first withdrawal within the last 24 hours was initiated by the whale with the address 0x6b, who withdrew 1,001 MKR, valued at approximately $1.46 million, from Binance. Shortly after, whale 0x9e also moved MKR tokens out of Binance, transferring 869 MKR tokens with an estimated worth of $1.27 million.
The most recent transaction came from whale 0xB4, who withdrew 300 MKR tokens from OKX. At the time of the transaction, these tokens held a combined value of around $437 thousand. As reported by Lookonchain, this specific whale now possesses 800 MKR tokens, amounting to $1.17 million.
Meanwhile, according to CoinMarketCap data at the time of writing, MKR’s price had surged by 4.34% in the past 24 hours, bringing it to a trading price of $1,481.63. Simultaneously, MKR experienced a notable 32.57% increase in its daily trading volume, reaching a total of $49,269,924.
From a technical perspective, MKR’s daily chart recently triggered a significant technical flag. The daily Relative Strength Index (RSI) line crossed above the daily RSI Simple Moving Average (SMA) line during this period. This crossover suggests that buyers may have gained an advantage over sellers, potentially leading to a continued rise in the altcoin’s price in the next 24-48 hours.
If MKR’s bullish momentum persists, it might aim to challenge the $1,605 resistance level in the next couple of days. Conversely, if profit-taking begins, the cryptocurrency’s price may revisit the $1,385 support level, which also aligns with the 9-day Exponential Moving Average (EMA) line.
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