Marker price changes are expected in the next few hours, as a recent 24,331 MKR (17.4M USD) move was made by a whale address. This comes after a period of downward movements in the price of Maker, with many investors anticipating a turnaround or recovery from this momentous event.
As such, the next few hours will likely see increased activity and potential changes in the price of MKR. It remains to be seen what impact this move will have on the market and whether it will lead to a significant change in Maker’s value. Be sure to keep an eye on this situation as it develops.
MKR/USD Technical Analysis
Marker is trading at $710.50, down by 4.78% in the last 24 hours. The coin is in strong bearish momentum, and it seems like the selling pressure is not over yet. On the 4-hour chart, we can see that MKR has been forming lower highs and lower lows since opening the daily market at $746.66.
MKR has formed a bearish reversal pattern, indicating a potential downward price trend. The nearest resistance level is seen at $732.50, which could provide a good opportunity for sellers to take profits if the coin fails to break out and continues its decline.
Looking at the technical indicators, the Fibonacci retracement level of 61.8% is seen at $714, and the Relative Strength Index (RSI) stands at 33.15, which indicates that MKR could remain oversold in the near term.
The current trend is bearish, and it seems the bears’ grip on the coin is not loosening anytime soon. The MACD line is well below the red signal line, and the histogram shows that bears are increasing their positions in MKR.
The bulls have sought support at the SMA 50 level, but they have failed to push the price back up. If this downward trend continues, then MKR could see further losses in the coming days and weeks.
In conclusion, MKR has been witnessing a bearish trend since the start of the month, and this whale movement could potentially signal a major shift in the price. The bulls are holding on to the support level at $714, and a break above this could propel MKR toward the next resistance level at $732.50.
