- Justin Sun deposited MKR worth over $4 million into Binance.
- MKR’s open interest decreased, increasing the likelihood of a trend reversal.
Creators [MKR] price fell by 2% in the last seven days and by more than 1% in the last 24 hours. At the time of writing, MKR trade for $624.38 with a market cap of over $610 million.
However, Santiment’s May 24 tweet revealed an interesting development that could positively impact MKR’s price action in the coming days.
Read Creators [MKR] Price prediction 2023-24
Investors are piling up
According to the tweet, MKR whales and sharks were in an accumulation phase. In general, higher accumulation means more investor confidence in a token.
Therefore, the chance of a price increase was likely. In May, wallets with $100,000 – $1 million were seen accumulating the token.
Whales and sharks show accumulation signs for a pair of keys #altcoins as markets diverge. Keep an eye on #Banqi $QI, #Bloom $PROAnd #Maker $ MKR. These assets all see the $100,000 — $1 million level of portfolios accumulating here in May. https://t.co/7hziIC3xvM pic.twitter.com/Epx6YMSlFa
— Santiment (@santimentfeed) May 23, 2023
However, it was interesting to see that Justin Sun, the founder of Tron [TRX] followed the other route.
Lookonchain’s tweet dated May 23, 2023 pointed out that Sun had deposited 6,801 MKR, which was worth more than $4 million, into Binance.
Note the price changes $ MKR.
Justin Sun deposited 6,801 $ MKR ($4.3 million). #Binance 1 hour ago.https://t.co/FuPGigqgx7 pic.twitter.com/sMQKY6Q8fO
— Lookonchain (@lookonchain) May 23, 2023
This is what the statistics suggest
The accumulation was also reflected in other statistics.
MKR‘s supply on exchanges decreased while supply outside exchanges increased. This is a bullish signal and may soon be reflected on Maker’s price chart.
Source: Sentiment
MKR’s network growth was high, which is generally a positive sign. The rate peaked on May 24, 2023, meaning the token was used more often in transactions within a given time frame.
The derivatives market also looked positive, as evidenced by the green Binance funding rate.
Source: Sentiment
Trend reversal coming soon for Maker?
Like the aforementioned stats, Coinglass’s data also gave hope for a trend reversal in the coming days. MakerThe open interest of the publisher has been in a downward trend for some time.
The market liquidates when outstanding interest falls, suggesting that the current price trend is coming to an end. Open interest therefore provides a leading indicator of an impending trend change.
Source: Coinglass
Realistic or not, here it is MKR market cap in BTC‘s conditions
Will the bulls take over?
A look at Maker’s MACD revealed that the bulls and the bears were fighting to get an edge over each other. The Money Flow Index (MFI) registered an increase.
Given the statistics and the MFI indicator, it seemed likely that the bulls would win. However, MKRChaikin’s Money Flow (CMF) fell slightly, which could indicate problems in the near term.
Source: TradingView