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- 1 Maker price (MKR) has surged nearly 6% in the last 24 hours and currently trades at $1418.9.
- 2 Maker price took support from the 50-day EMA and surged higher.
- 3 Maker price has been trading in the bullish territory and has maintained a strong uptrend since July.
MKR, the native token of Maker, has shown a strong surge amid the slight recovery of the crypto market. The MKR token experienced a hike from a low of $1,265 to a high of $1,446 in the last two trading sessions.
While most tokens are still struggling, MKR maintained its momentum with a remarkable 6% increase in 24 hours. MKR is trading at $1418, aiming to hit $1500 level. The token has been in a bullish trend since July. MKR crypto has gained more than 60% in the last three months. The recent performance indicates that buyers have the upper hand, and their activity could lead to more gains for MKR.
The volume activities are up by 80% indicating whale activity in the backend. According to a financial website “The Bit Times”, a crypto portfolio worth over $20.37 Million belonged to an address using the alias “0x3737” on September 4. This address traded various cryptocurrencies, but what drew attention was their choice to swap Ethereum (ETH) for Maker (MKR).
The address’s holdings show that Ethereum was the main asset of their portfolio, accounting for over 75% of their total value.
The Whale with address “0x3737” had a huge amount of 10,000 ETH, which was worth around $16.3 Million at the current market prices, showing that they had a big stake in Ethereum’s future. However, they also found Maker (MKR) attractive, as they held MKR tokens worth $1.1 Million, along with other assets like Arbitrum (ARB), worth $2.9 Million.
Maker/Ethereum Price Gains Consecutively For The Fifth Week
The Ethereum/Maker Price chart illustrates that the price has been gaining consecutively for the fifth week. Maker has been outperforming the 2nd Market leader. The recent week observed the breakout of a major resistance of 0.75 on the Maker/Ethereum daily chart.
Some analysts also observe that Maker may outperform Ethereum to reach the second position in the crypto market if Maker continues to surge with the same gains.
Technical Indicators Show Strength Over The Daily Chart
MACD lines are showing a positive crossover. Additionally, histogram bars are being formed above the mean line of increasing height, indicating that buyers are dominating.
The EMA analysis shows that the MKR price is trading above the 200-day EMA. Recently, the MKR price saw some drawdowns which were recovered by the bulls present near the 50-day EMA and the price continued to reach higher levels.
Conclusion
MKR has risen from $1,265 to $1,446 in two days amid the crypto market recovery. The token is up 6% in 24 hours and aims for $1,500. The token has been bullish since July and gained 60% in three months. Buyers are dominant and could push MKR higher. The volume is up 80%, indicating whale activity. A whale with the alias “0x3737” swapped 10,000 ETH for MKR and other assets on September 4, showing confidence in Maker.
Technical Levels
- Support Levels: $1200 and $1080.
- Resistance Levels: $1500 and $1675.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
