Maker Surges +28% Aligning with $92M in MKR Deposits: Report

The MKR token from MakerDAO has recently experienced a notable surge, following a crucial breakout from a long-standing descending channel. As per Clifton Fx, an analyst, this technical shift has led to a remarkable +28% increase in value, pushing the price up to $3,100. This jump is pivotal, considering the previous trend had shown a clear decline for an extended period.

As further noted by Spot On Chain, an onchain firm, over the past few months, a multisignature wallet associated with MakerDAO has been systematically depositing large amounts of MKR into Binance. This wallet, identified as 0xbba, deposited 628 MKR, valued at $1.76 million, just eight hours ago. This follows a pattern of depositing a total of 30,971 MKR over the past four months, totaling approximately $92 million. 

These deposits have caused noticeable price dips each time. With the wallet now depleted, attention has turned to another multisignature wallet, 0x7fd, which may soon offload its 5,177 MKR, worth $15.1 million.

Recent activity includes substantial transactions by two major institutions. Nascent, a notable venture capital firm, recently unloaded 1,216 MKR, realizing an estimated profit of $2.9 million, or a 294% gain. In addition, Nascent withdrew significant amounts of other assets from Binance, including $PEPE, $LDO, and $USDT. 

MakerDAO’s multisignature wallet 0xbba moved out 2,350 MKR, amounting to $6.8 million. Since April 25, MakerDAO has allegedly offloaded 16,000 MKR to Binance at an average price of $2,823, with the latest deposit representing the largest outward transfer yet.

The breakout from the descending channel is a significant development. Initially, MKR faced resistance around $3,100, which marked the highest point reached following the breakout. This level now serves as immediate resistance. The support levels to watch include $2,690, which was the breakout level and has become a critical support, followed by $2,425 and $2,110, reflecting historical support points within the channel.

Current price action shows MKR consolidating around $2,890. This consolidation suggests that the price might either continue to rise or test the breakout level at $2,690 again. Monitoring these levels will be crucial in determining whether the recent bullish trend will sustain. 

Notably, the live Maker price stands at $2,852.97, with a trading volume of $100,306,942 over the past 24 hours. MKR has seen a slight increase of 1.35% in this period. The 1-day RSI reading is 59.06, indicating that while MKR is approaching overbought territory, it has not yet reached a level that typically signals a reversal. Furthermore, the 1-day MACD is trading above the signal line, suggesting positive short-term momentum.