The cryptocurrency market continues to present fascinating insights into investment behaviors, especially between retail investors and whales. Maker (MKR) price is particularly interesting as the market gains momentum.
Cryptocurrency Market Analysis
A recent analysis using the 'Spaghetti Graph' has highlighted coins predominantly accumulated by whales. Maker (MKR) tops the list with a 21.25% whale to retail delta. This indicates strong whale accumulation. Such behavior can often serve as a reliable indicator for retail investors.
MKR Falling Wedge Pattern
MKR has been accumulating in a falling wedge pattern, heavily backed by whale investments. After a dip below the wedge, MKR has recovered above the 200-day exponential moving average, setting $1400 as a crucial support zone. This reflects strong buyer interest at lower levels and a potential shift from bearish to bullish market sentiment.
MKR Open Interest and Funding Rates
MKR's funding rates display an intriguing pattern over recent months. Despite fluctuations, they remain stable as MKR's price approaches $1.8K resistance, affirming bullish market sentiment. Traders willing to pay a premium for long positions indicate expectations for further gains.
The ongoing whale activity and technical positioning suggest that MKR might be preparing for substantial moves. Market stability will determine if MKR can maintain momentum and challenge higher resistance levels.
