Maker Price Analysis: MKR whales could be getting ready to dump again at $470

  • MKR is currently trading at $492 after a notable spike and rejection from $556.
  • The daily downtrend is still intact, and a recent inflow of tokens to exchanges is worrying investors.

Maker has been one of the most affected coins after the last crypto crash, losing around 50% of its value in practically one month. MKR is currently ranked 37th with a market capitalization of $500 million.

MKR/USD daily chart

mkr price

There is a massive downtrend formed by MKR on the daily chart. Bulls tried to breakout on September 17 after a notable spike towards $556 from a low of $468; however, the price got quickly rejected dropping to $500 within minutes. MKR has formed a resistance level at around $560, and it’s also facing the 12-EMA at $510 as resistance.

MKR Holders Distribution

mkr price

Source: Santiment

The most notable development for MKR is a spike in exchange inflow registered on Glassnode. This doesn’t necessarily mean a sell-off is closeby; however, a significant decline in whales further strengthens the theory that MKR faces a lot of selling pressure. Whales holding at least 10,000 coins dropped from 16 to 10. Similarly, whales with at least 1,000 coins dropped from 82 to 76.

MKR/USD 4-hour chart

mkr price

Not everything is lost for MKR bulls as the 4-hour chart is slowly changing in favor of them. The price has established several higher lows and the MACD flipped bullish hours ago. 


mkr price

Source: IntoTheBlock

According to the IOMAP chart, MKR has a ton of support at $468, which means that a bearish breakout of this level would be notable. On the flip side, if the bulls can defend this price and bounce back up, resistance levels are significantly smaller than support.

Investors need to look out for the $468 support and $510 resistance levels. Any breakout below or above this range will be crucial for the short-term future of MKR.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Breaking: Bitcoin breaks new yearly highs; the road to $15,000 is clear

Bitcoin (BTC) broke above the local resistance created by $13,250 and hit a new high of 2020 at $13,490. The pioneer digital asset is poised for further growth as the upside momentum gains traction amid little resistance from sellers.

More Bitcoin News

XRP looks poised for a breakout to $0.30

XRP is currently trading at $0.252 after successfully defending a critical support level at $0.247. In the past two weeks, the digital asset has been rejected from the upper boundary of the daily ascending triangle around ten times.

More Ripple News

Breaking: JPMorgan's digital currency, JPM Coin, is ready for commercial use

JPMorgan Chase announced that its digital currency, JPM Coin, had been used for commercial purposes this week. A large technology client used it to send cross-border payments.

More Cryptocurrencies News

The network’s utility increases, while TRX prepares for a massive price movement

TRON's weekly report is out and talks about the finalization of the TRC-20 shielded contract on the mainnet and a security test for the smart contract on TVM instructions to stake and unstake.

More Tron News


Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast