CandleFocus

Whale Accumulation Surges: Can $2000 MKR Price’s Next Stop?

Author: Content Editor
According to a recent analysis using the "Spaghetti Graph," Maker (MKR) is the cryptocurrency that is predominantly being accumulated by whales, indicating potential future price increases. Other coins, such as Tao (TAO), Pendle (PENDLE), Solana (SOL), and ARK Mirror (ARKM), are also seeing significant whale accumulation. The behavior of whales, who are considered "smart money," often serves as a reliable indicator for retail investors. The accumulation of MKR by whales suggests that the coin could be poised for a significant price increase. MKR has been accumulating in a falling wedge pattern and recently made a recovery above the 200-day exponential moving average (EMA), establishing $1400 as a crucial support zone. This rebound highlights not only strong buyer interest but also a potential shift in market sentiment from bearish to bullish. The ability to reclaim and hold the 200EMA solidifies the $1400 level as a significant stronghold for future price movements. The ongoing whale support and technical positioning suggest that MKR may be preparing for more substantial price movements in the future. The funding rate for MKR has also shown stability and fluctuations, indicating a bullish undercurrent and expectations of further price increases. Overall, market signals are pointing towards a positive outlook for MKR as investor sentiment remains strong and market conditions are favorable.

Related News