Maker (MKR) price is up 5% in the past 24 hours as cryptocurrencies rebound on Monday.
Whales recently bought huge chunks of MKR, a signal for potential price bounce.
Bulls could target $1000 if they hold $800 and then break resistance at $892.
The price of Maker (MKR) has increased 5% in the past 24 hours to cross above $800 once again, with bulls looking for the highest daily close since 10 November 2022.
MKR is the native governance token for the Maker protocol, a leading decentralised finance (DeFi) protocol that also issues the DAI stablecoin. Dai is the pioneering decentralised and crypto-collateralised stablecoin pegged to the US dollar (USD)
Maker price prediction: Bulls could ride sentiment to rally to $1000
For this Maker price predcition, we have to note that MKR broke below an ascending trendline established earlier in the year last week, dropping as low as $679 on Coinbase.
But the cryptocurrency bounced above the trendline on Sunday, closing above $774 with nearly 10% in gains. The token has printed another green candle on the daily chart as bullish sentiment around the Maker network increases.
On 25 February, on-chain analytics platform Santiment pointed out a spike in whale activity for the Ethereum-based altcoin.
According to the firm, Maker saw its largest purchases of the native token by whales in three months. Large investors scooping tokens on the dip in such amounts has historically correlated with price reversals, Santiment analysts noted via the platform’s Twitter account.
“Maker made its largest whale moves in over three months a couple hours ago. 24,331 MKR ($17.4M) was moved to a whale address, and then another identically sized move was made. On downswings, massive moves like this are often correlated with turnarounds,” the firm wrote.
🐳 #Maker made its largest whale moves in over 3 months a couple hours ago. 24,331 $MKR ($17.4M) was moved to a whale address, and then another identically sized move was made. On downswings, massive moves like this are often correlated with turnarounds. https://t.co/dHYIdrHy3h pic.twitter.com/vk4dU1G46w
— Santiment (@santimentfeed) February 25, 2023
The MKR token currently trades around $811 (at 9.50 am ET) and looks primed for a breakout to $1100 in the short term, particularly if general sentiment across crypto continues to improve after last week’s market dump.
However, bulls must first hold immediate support at $800 (the 200-day EMA is a key hurdle) and then build momentum for a retest of $892. If they breach this resistance zone, a move to $1,100 is possible.
On the downside, the 50-day EMA at around $705 currently offers the main support zone.
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