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Maker Price Analysis 26/07: Whale Dumps MKR for $560K Profit – Investor Bites

Republished by Plato
Republished by Plato

Date:

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SNEAK PEEK

  • Whale dumps 1,598 MKR for $1.8 million.
  • The whale sold at $1,100 after buying at $918 per token.
  • Maker price analysis shows a bullish market sentiment.

A crafty cryptocurrency whale executed a well-timed dump of MakerDAO’s MKR governance token, selling 1,598 MKR for approximately $1.8 million in profits. The large sell order dropped MKR’s price by around 2% in the process. 

The whale had accumulated 2,760 MKR, worth $2.5 million at the time, by withdrawing the tokens from Binance between July 7 and July 17. The average withdrawal price paid was $918 per MKR token.

With MKR prices above $1,100 when the whale dumped the 1,598 tokens, the trader secured a tidy profit of around $560,000 from the timed mass sale. 

The transaction exemplifies how whales can exploit rallies to unload tokens on regular traders for major gains. It also demonstrates the price impact whales can wield from carefully timed sell orders of large token volumes.

Maker Price/Technical Analysis: MKR Forms an Ascending Channel as Price Surges High

The recent Maker price analysis displays a bullish market sentiment. Despite the whale dumping and the recent downward correction, MKR has been rising on the charts since mid-July. The coin is currently trading upward and has formed an ascending channel on the daily chart.

MKR is trading at $1,139, up over 2% in the past 24 hours. The coin has gained 15% in the past 1 week and 66% in the past 1 month. The coin is showing signs of recovering from its recent dip, but it still needs to break above $1,200 for a sustained bull run.

MKR’s resistance and support levels are currently at $1,172 and $1,102, respectively. The buyers are pushing the coin toward new highs, but bulls should watch for $1,200 as a break-out point. The $1,100 level is holding strong and should provide support if buyers fail to break the current resistance level.

The daily trading volume of Maker has been steadily increasing today. The coin’s 24-hour trading volume is currently at $121 million, recording an increase of over 40%, while its total market cap is roughly $1.11 billion. Maker is ranked 41 on CoinMarketCap’s list of top digital assets, with 977,631 MKR tokens circulating. 

Looking at the daily chart, Maker appears to form an ascending channel that could carry the coin through a bullish breakout. The RSI is close to the overbought zone, indicating that buyers might need to take some profit before MKR can continue its ascent.

The MACD indicator has also crossed into the bullish region, suggesting buyers may still have room to raise the price soon. If buyers can break through $1,200, MKR could rally and hit new highs in the coming days. 

The Bollinger band indicator also shows that MKR could be volatile as the bands expand. Maker is trading alongside the upper band, signaling that bulls could push the price higher in the short term.

The recent whale dump has not impacted Maker’s bullish sentiment too much. With strong technicals and a bullish market outlook, Maker is well-positioned for further gains soon.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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