Maker DAO’s MKR token has been on a recovery rally for almost three weeks but the bulls were showing signs of a slowdown. But should investors be preparing for a short sell opportunity or will MKR proceed with the current trajectory? MKR’s $882 of 9 October represented a 43% upside from its lowest price of […]
Now that MKR was overbought, investors should watch out for an increase in trading activity. Note that daily active addresses also dropped close to four-week lows in the last two days, confirming a decrease in buying volumes.An increase in active addresses in the next few days may signify an influx of sell pressure. This does not necessarily have to be the case because bullish volumes can potentially trigger another upside.
Addresses holding between 1,000 and 10,000 MKR controlled the lion’s share of circulating MKR at 37.93% as of 9 October. The same category of whales had been accumulating since the start of October and started selling since 8 October.Addresses holding between 100,000 and 1 million also contributed to some sell pressure in the last few days. Meanwhile other whale categories have been accumulating, thus, offsetting the downside pressure.
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