Maker‘s (MKR) price faced resistance due to a whale-level wallet address continuously offloading the altcoin. Despite this, Maker remains one of the largest crypto lending protocols with a total locked value (TVL) exceeding $9 billion.
Current Status of MKR Price
Recently, MKR’s price fell by 3% after pulling back from the resistance level at $3,000. The price trend of MKR staying above the 50-day (green) and 200-day (black) simple moving averages (SMA) indicates that the bullish trend is still intact. These SMAs provide support around $2,818 and $2,433, respectively. Since April 18, the strong resistance barrier between $3,000 and $3,160 has pressured MKR’s price. According to Lookonchain, whale sales began on April 21.
MKR tested this resistance level three times in the last three months, with the last attempt occurring on July 17, resulting in a rejection. Despite this, technical indicators show that Maker DAO’s bullish trend has not ended. The Moving Average Convergence/Divergence (MACD) indicator shows a slight hint of a potential reversal, remaining above both the zero line and the signal line.
The Relative Strength Index (RSI), which measures trend momentum, nearly entered the overbought zone on July 16 before retreating to 59.43. The RSI moving average (MA) is currently at 54.87 and may provide support as it approaches the midpoint. The Chaikin money flow, an indicator of buying pressure, reached an all-time high of 0.38 on July 16 and remains strong at 0.34, indicating potential upward movement for MKR following a brief pullback.
Whales Profit from Sales
According to Santiment, Maker whales profited over $16 million in July. Despite this, Maker’s price rose by 17.2% last week. Lookonchain reported that whales moved large amounts of MKR to exchanges, but the total MKR supply on exchanges fell to 114,750 as of July 16.
Although profit-taking continues, MKR‘s price remains above the significant support level of $2,650, corresponding to the 50-day SMA. This support could help MKR rebound and potentially target its previous all-time high, but the price dropped by 3.8% after $16 million worth of MKR was deposited into Binance from related wallets, reflecting market anxiety and significant resistance at the $3,000 level, indicating a potential short-term sell signal for MKR.
