This year, Maker (MKR) has gained attention as one of the best-performing altcoins. Even in this case, its performance in the past 365 days has been better than Bitcoin (BTC). According to the data, MKR has shown a 75.45% increase in the last 365 days at the time of writing.
However, it may be worth emphasizing that the increasing belief of whales could be one of the biggest supporters of MKR outperforming Bitcoin. Records also show that whales have been accumulating MKR at different intervals. Interestingly, it seems that whales have not taken a break from these accumulations yet.
The Future of MKR Coin
According to on-chain data provider Spot On Chain, a whale made a purchase of MKR worth $12.1 million on September 14th. The same whale, who is currently the 9th highest MKR holder, had a wallet consisting of 16,205 MKR at the time of writing this article.
Often, whale accumulation can be associated with an immediate or delayed price increase. In fact, the group of investors who follow the wallets of whales may have seen this move as a “buying opportunity from the bottom”. However, while the price of MKR increased by 5.01% in the last 24 hours, it continued to trade at $1,215.
MKR Coin Target Price
Additionally, the 4-hour chart of MKR/USD showed that the token’s market structure was largely bullish. At the time of writing, MKR’s movement was progressing upwards without highlighting any bearish market movement.
Even though the token encountered rejection at the $1,177 level, the drop to $1,159 served as support and pushed the price above $1,200. Despite the bullish control, the current price may not be a strong level to push MKR higher.
This can be attributed to the Relative Strength Index (RSI). At the time of writing, the RSI value was 71.37. This increase can be seen as a confirmation of the presence of bulls. However, it can also be considered as an indicator that MKR is overbought.
When the RSI exceeds 70, the price of the asset retraces, so a drop in MKR may be possible. Additionally, investors may take profits in the near future, causing MKR to fall to $1,100. However, based on the charts seen today, it does not seem likely for the token to fall below the $1,000 threshold.
For the Moving Average Convergence Divergence (MACD), the 4-hour chart showed a value of 6.21. The value of MACD, being above the orange dynamic line, strengthened the solid buying pressure trend of RSI. At the time of writing this article, MKR may continue to trade above $1,200. However, it may not be very likely for the token to move towards $1,300 before a significant downward movement.
