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<\/p>\n
- \n
- MKR was up by more than 5% in the last 24 hours.<\/span><\/em><\/li>\n
- However, metrics suggested that selling pressure on the token was high at press time.\u00a0<\/span><\/em><\/li>\n<\/ul>\n
Maker [MKR]<\/span><\/a> had an astounding last week as it registered double-digit gains. This sparked excitement among investors, as they expected the token\u2019s price to pump even further.\u00a0<\/span><\/p>\n
\nRead<\/span> Maker\u2019s [MKR] Price Prediction<\/span><\/a> 2023-24<\/span><\/p>\n
\nHowever, latest data revealed that the trend might end soon, as selling pressure on the token was increasing as of press time.<\/span><\/p>\n
Investors are selling MKR<\/b><\/h4>\n
MKR witnessed a major boost in its price recently. According to<\/span> CoinMarketCap,<\/span><\/a> the token\u2019s price surged by over 20% in the last seven days. <\/span>Additionally, in the last 24 hours, the token\u2019s price surged by over 5%. <\/span><\/p>\n
However, the upward trend might end soon, if the latest data is to be believed. Notably, on 30 September, Lookonchain revealed that a smart whale deposited 5,000<\/span> MKR<\/span><\/a>, worth more than $7 million, to Binance [BNB]<\/a>.<\/span><\/p>\n
\n
This smart whale deposited 5,000 $MKR<\/a>($7.3M) to #Binance<\/a> again 3 hours ago and still has 5,000 $MKR<\/a>($7.3M) left.<\/p>\n
The total profit is ~$4.77M(+32%).https:\/\/t.co\/c68Lo8I32p<\/a> pic.twitter.com\/pfeGQaX0X2<\/a><\/p>\n
\u2014 Lookonchain (@lookonchain) September 30, 2023<\/a><\/p>\n<\/blockquote>\n
The fact that MKR was under selling pressure was further established with a look at Santiment\u2019s charts. As per the data, MKR\u2019s supply on exchanges rose, while its supply outside of exchanges dropped. <\/span><\/p>\n
This meant that investors were actually selling their assets at a profit at press time, indicating a market top. Its exchange outflow, after a spike, registered a decline. <\/span><\/p>\n
However, whale confidence in MKR was high, which was evident from the rise in its supply held by top addresses.<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Maker-MKR-12.12.57-01-Oct-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
Going forward<\/b><\/h4>\n
Though metrics looked bearish, market sentiment around MKR remained bullish. LunarCrush\u2019s data revealed that total bullish sentiment around MKR surged by more than 36% over the last seven days. <\/span>Additionally, its social engagement also spiked by over 50% last week. <\/span><\/p>\n
Another bullish indicator was<\/span> MKR<\/span><\/a>\u2019s Altrank, which also improved considerably last week.<\/span><\/p>\n
![\"\"](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LunarCrush-MKR.png\")
<\/a><\/p>\nSource: LunarCrush<\/p>\n<\/div>\n
Apart from these, several other metrics also looked optimistic for the token. For example, MKR\u2019s daily active addresses were high, reflecting high usage. The token\u2019s network growth also remained high, meaning that more new addresses were created to transfer the token. <\/span><\/p>\n
Maker\u2019s MVRV ratio also improved last week, which was by and large a positive signal.<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Maker-MKR-12.22.46-01-Oct-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
\nHow much are<\/span> 1,10,100 MKRs worth today<\/span><\/a>?<\/p>\n
\nA look at Maker\u2019s daily chart also pointed out a bearish indicator. The token\u2019s Relative Strength Index (RSI) was in the overbought zone, which could increase selling pressure on the token and, in turn, push its price down. <\/span><\/p>\n
However, a few of the metrics continued to be in the buyers\u2019 favor. The MACD displayed that the bulls were leading the market.<\/span> MKR<\/span><\/a>\u2019s Money Flow Index (MFI) also registered an uptick from the neutral mark, suggesting that its price might pump further.<\/span><\/p>\n
- However, metrics suggested that selling pressure on the token was high at press time.\u00a0<\/span><\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/MKRUSDT_2023-10-01_12-26-06.png\")