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

The cryptocurrency market continues to offer intriguing insights into investment behaviors, particularly between retail investors and whales. Maker (MKR) price action has been intersting to watch as the market takes off.

A recent analysis using the “Spaghetti Graph” has highlighted which coins are predominantly accumulated by whales. This indicated potential future pumps.

Maker (MKR) tops the list with a significant 21.25% whale vs retail delta. This suggests strong whale accumulation. It’s closely followed by Tao (TAO) at 17.06%, Pendle (PENDLE) at 13.33%, Solana (SOL) at 10.64%, and ARK Mirror (ARKM) at 10.39%.

This indicates that whales are betting big on these assets, particularly Maker. This is likely due to their long-term potential or impending developments within their ecosystems.

The behavior of whales can often serve as a reliable indicator for retail investors. They are considered the “smart money” due to their large capital bases and typically deeper market insight.

This whale activity suggests that MKR, with the highest accumulation percentage, could be poised for a significant price increase. As more investors might follow the lead of the large stakeholders.

Movements by whales can precede major price movements, offering strategic positions for high returns.

MKR Price Falling Wedge Pattern

MKR has been accumulating in a falling wedge pattern, heavily backed by whale investments, positioning MKR as their premier asset.

Recently, despite a break below the wedge, MKR made a notable recovery above the 200-day exponential moving average (EMA), establishing $1400 as a crucial support zone.

Over the past weeks, MKR price showed significant resilience. As the price approached the lower boundary of the wedge, the price dipped briefly below the EMA before rebounding strongly.

This rebound not only highlights strong buyer interest at lower levels but also signals a potential shift in market sentiment from bearish to bullish.

The recent price action has lifted MKR price above previous resistance levels, suggesting that if MKR can sustain above these levels, further upward movement could be imminent.

The ability to reclaim and hold the 200EMA was crucial; it solidified the $1400 level as a significant stronghold for future price movements.

Investors and traders are now keenly observing MKR to see if it can maintain this momentum and possibly challenge higher resistance levels, as the pattern suggests a breakout could propel the price further.

The ongoing whale support and technical positioning suggest that MKR might just be gearing up for more substantial moves ahead.

MKR Open Interest and Funding Rates

Additionally, the funding rate for Maker (MKR) has presented an intriguing pattern over the last couple of months, as revealed by the latest MKR OI-Weighted Funding Rate chart.

Despite fluctuations, MKR’s price showed resilience, maintaining levels significantly above the $1.2K mark throughout the period.

A key observation was the stability in funding rates, even as MKR’s price ventured to test the $1.8K resistance further affirming the bullishness in Maker’s movement.

This suggests a bullish undercurrent, with traders willing to pay a premium to hold long positions, indicating expectations of further highs.

Particularly, spikes in the funding rate often correlated with upticks in MKR’s price, hinting at sustained investor confidence and speculative interest.

This trend supports a positive outlook for MKR, with market signals pointing towards the potential for more price peaks as investor sentiment remains strong and the market conditions favorable.

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