MKR Rally Cropped by the Resistance
The Maker (MKR) experienced a 1.8% decline, reaching $2000 per altcoin this week, following a notable 30% increase since the beginning of the year. The altcoin reached a peak at $2,267, the highest level since May 11, 2022. The driving force behind MKR appears to be whales, who acquired over 32,000 MKR worth $66 million, accounting for 3.5% of the total MKR in circulation. This significant investment may have more profound implications than initially apparent.
MKRUSD briefly surpassed the resistance of the ascending channel but quickly retraced to the support at $2,000. If prices fall below this level, there's a possibility of further decline towards $1,750. On the other hand, a potential recovery could see Maker returning to $2,250 per altcoin.
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