Crypto whales tend to quiet down in bear markets and start accumulating towards the end of the bear season. The recent movement was exciting as we saw the price of a popular altcoin move with a multimillion-dollar withdrawal. So, what does this mean for the altcoin in question? What do the current price predictions tell us?
Maker Coin Whale Movements
An important MKR Coin whale (0x47…5005) withdrew 11,231 MKR Coins worth $12.3 million from the Binance exchange today. Investors noticed this movement and the price of MKR started to rise as it received clear accumulation signals. The whale has also made withdrawals of UNFI, LPT, and TRB from the Binance exchange since August 23. Withdrawals from exchanges to personal wallets are generally considered as long-term accumulation signals. If the amount is high, investors interpret this as the whale expecting a price increase.
The MKR Coin price, which started at $1,138, climbed to $1,185 with this news. However, subsequent profit-taking pushed the price down to $1,083. Currently, the price is finding buyers in the middle range between the low and high points.
Maker Coin Predictions
The Maker (MKR) Coin price is successfully holding the $1,000 support level. Bears are also maintaining their successful position in defending the resistance level. This means that the price is trapped in a narrow range. Bulls have pushed the price above the downtrend line several times in the past few days, but they couldn’t sustain higher levels due to selling pressure. If the price rises and closes above the downtrend line, it will indicate that buyers are back in the game. Buyers can then aim for $1,227 and $1,370 by pushing the price above $1,227.
On the other hand, if the price remains below the 20-day EMA ($1,106), it will indicate bearish dominance. The pair could then drop to the strong support at $980. In the bullish scenario, the size of future profit-taking at $1,186, $1,227, and $1,280 will be important. For the downside, support levels at $1,040 and $980 could be monitored.
Of course, the price performance of BTC, which continues to be the main factor influencing the direction of altcoins, remains crucial. According to technical analysis, it may be wise for investors to take positions based on the above levels in case of possible BTC downturn or rally.
