Whales Optimistic; Wallets Increase For Maker (MKR) DAO

• 1 The MVRV ratio has recovered from -21% to +3.519% over the last 30 days.
• 2 A large transaction of 271.0 million USDC was made to MakerDao, indicating optimism among investors.

The Maker DAO price chart was an intense match between bulls and bears. At the beginning, bulls had command in price, but later change in the wind dropped the game in the bears’ favor. This caused the MKR price into a bullish falling wedge pattern, but this week seems to be very productive for the MKR asset, as the performance this week rose 11.68%.

At press time, the MKR price has traded at $3005.28 with an intraday decline of -1.85%, with a market capitalization of $2.78 Billion.

Whales on the Move, it Showed Optimistic Transaction in Maker DAO

As a large transaction has been made in Maker DAO, following which 271.0 Million USDC was transferred to a MakerDao address ending with -52199. 

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 271,000,000 #USDC (270,828,457 USD) transferred from unknown wallet to #MakerDAOhttps://t.co/UcNQKs31FX

— Whale Alert (@whale_alert) May 22, 2024

This highlights optimism for DAO among investors, which implies a surge in price of the crypto. Meanwhile, the 250 Million USDC was minted from the USDC treasury.

What Does 30-Day Market Value to Realize Value In Maker Displays 

The MVRV ratio represents the average P&L of investors who purchased the MKR asset over the last 30 days.

Furthermore, the asset’s MVRV ratios on 30-day MA were +3.519% (at press time), and this metric has recovered from -21% which was around last week april 2024. This uptick in these metrics shows that short-term holders offloaded their maker’s holdings, which were likely bought by the long-term holders of MKR.

Significant Rise in Active Wallet addresses

Active addresses refer to unique addresses of Maker users that participate in one or more transactions within a given timeframe.

The number of distinct addresses in the Maker that participated in a transfer for the given asset in the past 24-hour window was 28 transactions. Likewise, the 7-day window was 465 transactions, and 30-day windows was 1780 transactions. 

This illustrates that more people are using and trading the Maker, which is implying a higher demand and value for the crypto as the active addresses of Maker are increasing over time.

What Can Maker Price Prediction (MKR) be, Based on Technical Analysis?

In Maker DAO (MKR) a breakout has taken place out of a descending wedge pattern on the daily chart. 

Similarly, the MKR asset daily chart presents that it has been growing from support and remains above the 20-day, and 50-day EMAs, depict short term bullish strength.

In the same way, the MACD portrays a bullish cross, with a uprising histogram in MKR at 52.68, and the RSI glowed at 55.41. It represented that the Maker DAO crypto is not losing steam yet and could proceed to climb higher in future sessions. 

Therefore, if the breakout rallies strongly, the next target for the MKR price could be to touch the above levels, such as $3482.0 and $4087.33.

On the contrary, if the MKR price nosedives and trades inside the pattern again, the bullish pattern made in Maker would lose its importance and would become invalid.

Likewise, in this case, if the Maker crypto price fails to stay above the $2605.0 level, it could also decline further.

Summary

Maker (MKR) price chart showed a battle between bulls and bears, resulting in a bullish falling wedge pattern. The recent performance of MKR has seen an 11.68% rise. A large transaction of 271.0 million USDC was made to MakerDao, indicating optimism among investors. 

The MVRV ratio has recovered from -21% to +3.519% over the last 30 days. The active addresses of Maker are increasing, implying higher demand and value for the crypto. 

The daily chart of MKR shows bullish strength, with the MACD portraying a bullish cross. The next target for the MKR price could be $3482.0 and $4087.33. However, if the price fails to stay above $2605.0, it could decline further.