- Santiment tweeted that a known MKR whale made its biggest moves in over 3 months.
- The transactions are estimated to be worth $17.4 million each.
- At press time, the price of MKR is down 5.11% over the last 24 hours.
Santiment (@santimentfeed), the blockchain analytics firm, tweeted today that a Maker (MKR) whale made “its largest whale moves in over 3 months” over the last 24 hours. According to the tweet, 24,331 MKR, worth around $17.4 million at the time the transaction was made, was moved to a whale address.
The tweet added that another transaction identical in size to the previous transaction was made shortly after the first whale transaction was made. According to Santiment, large transactions like this in bearish periods have historically correlated with positive turnarounds.
At press time, CoinMarketCap shows that MKR experienced a 5.11% dip in price over the last 24 hours. In addition to weakening against the U.S. Dollar, MKR’s price also dipped against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 1.95% and 2.33% respectively. As a result, MKR’s price stands at $701.24 at press time.
Daily chart for MKR/USDT (Source: TradingView)
The daily chart for MKR/USDT suggests that MKR’s price will continue to drop in the next 24 hours as the altcoin’s price currently rests on the daily support level at around $700.
Technical indicators on MKR’s daily chart support the bearish thesis with the 9-day EMA line bearishly closing in on the 20-day EMA line. In addition to this, the daily RSI line is positioned below the daily RSI SMA line and is sloped negatively towards oversold territory.
MKR’s price has already broken below the $700 support level in today’s trading session, but bulls were able to offer the altcoin’s price some much-needed support – pushing MKR’s price back above the key price level.
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