Is Maker (MKR) Poised for Correction Amidst Upcoming Launch? Bullish Whale Bets vs. Technical Warning Signals
The Maker (MKR) token has been bullish, propelled by the highly anticipated Endgame Launch announcement from MakerDAO. This surge has caught the attention of crypto whales, with one particular wallet, 0xcf9, spending $1.94 million to acquire 702.8 MKR tokens at $2,763 apiece, according to data from on-chain analytics firm Spotonchain.
Moreover, per Spotonchain, Rune Christensen (@RuneKek), the founder of MakerDAO, has demonstrated confidence in the project. Over the past seven days, Christensen has invested a substantial $4.57 million to purchase 1,967 MKR tokens at an average price of around $2,324. Consequently, this strategic move has already yielded a handsome profit of $1.02 million, translating to a 22.3% gain.
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Show more +Technical Analysis Hints at Potential Correction
Analyzing the daily price chart, the Maker crypto token is currently valued at $2,825. However, the last candlestick is painted red, suggesting a decrease in value over the past day. With MKR’s Relative Strength Index (RSI) standing at 71.51, a correction may be imminent, as the token may have been overbought.
Additionally, the 50-day Exponential Moving Average (EMA) is currently below the current price of $2,825, indicating a potential short-term negative trend. The 100 EMA lends even more credence to the likelihood of a downtrend soon. Furthermore, the 200 EMA indicates a considerable gap with the present price, supporting the possibility of a sustained bearish trend. However, the Moving Average Convergence Divergence (MACD) is pointing upward, suggesting a potential reversal in the short term.
The bullish sentiment surrounding MKR can be attributed to the highly anticipated Endgame Launch announcement from MakerDAO. This development has captured the attention of investors and crypto enthusiasts alike, driving the demand for MKR tokens.
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