On “Friday the 13th,” the crypto market slowly recovered from the previous day’s fears, when Bitcoin dropped below $27,000. However, at the time of printing, most of the top 100 coins and tokens were still in the red. One of the few assets still green was Maker [MKR] – the 43rd largest cryptocurrency at the time of writing, although this could change at any time.
What is going on and why is this happening? Here’s what you need to know.
Time to meet your Maker
At the time of writing, MKR was trading at $1,463.95 after gaining 28.03% in the past day and up 9.07% in the past week. Let’s take a look at the volumes to better understand what traders are doing. While these were negligible compared to the peaks in late 2021 and early 2022, they were still rising at the time of writing.
So who are the culprits? A trophy for you if you suspected whales were behind it. After all, Santiment data showed that more than 300 transactions worth more than $100,000 had taken place as of May 11. The last time MKR saw these numbers was before the December 2021 crashes.
As expected, MKR prices became confused as macro events grappled with such sweeping investor moves. However, the data suggested that whales weren’t just buying the dip. A look at the MKR offerings on exchanges tells us that the number of tokens coming back has been on the rise since May 10th. As thousands of tokens were believed to have been sold, MKR’s price probably also took a hit.
Time to make some money?
You see, it’s not that easy. With the market in the state it was in at the time of writing, it is difficult to estimate whether the price of MKR is going up or down. For example, the relative volatility index [RVI] The value moved below 50, suggesting further volatility could drive the price of MKR down. However, the RVI value moved towards 50 and two green candles formed at the time of printing. Both are bullish signs.
Still, it seems that bulls and bears have to wait until the whales have finished feeding to get a better idea of the scene.
This post maker [MKR]: As one of the rare alts in green, here’s what you need to know
was published first on https://ambcrypto.com/maker-mkr-as-one-of-the-rare-alts-in-the-green-heres-what-you-should-know/