MKR Price Prediction: What to Expect in The Next 48 Hours

The blockchain tracking firm Lookonchain revealed in a tweet this morning that Andreesen Horowitz (a16z) and CMS Holdings reduced the amount of Maker (MKR) in their portfolios over the past few hours. This sell activity by CMS Holdings and a16z comes after the altcoin’s price climbed approximately 20% in the last 24 hours.

In a second post, Lookonchain shared that a16z deposited 12,864 MKR, worth $12.6 million at the time, to Coinbase via the address “0xd520” throughout the past week. The fund manager then sent another 6,900 MKR, estimated to be worth $8 million, to a new address over the past 24 hours. Lookonchain predicted that this MKR may also be deposited to exchanges soon.

Despite the recent deposits, on-chain data indicated that a16z still holds 12,396 MKR. At the time the tweet was made, a16z’s total MKR holdings were valued at $14.4 million.

Meanwhile, CMS Holdings deposited 525 MKR to Binance earlier today. Lookonchain revealed that CMS Holdings had withdrawn 1,325 MKR, worth $1.54 million, from the leading exchange platform over the past few weeks. The blockchain tracking firm also shared that these withdrawals took place when MKR was trading at around $793.

Current Market Standing

At press time, CoinMarketCap indicated that the cryptocurrency was changing hands at $1,142.05. This was after MKR achieved a 24-hour gain of 15.50%. The altcoin had retraced

slightly from its daily high of $1,203.40. Nevertheless, its price remained closer to its 24-hour high than its daily low of $974.32.

MKR also displayed similar strength against the two market leaders Bitcoin (BTC) and Ethereum (ETH) over the past day of trading. At press time, the altcoin was up 16.53% against BTC and had increased 16.81% against ETH. This meant that 1 MKR was worth 0.03835 BTC and 0.6046 ETH.

Technical Overview

4-hour chart for MKR/USDT (Source: TradingView)

MKR’s price was able to break above the strong resistance level at $1,066 for the first time since 17 October 2022. This resulted in the level being flipped into support as well. This bullish momentum had then continued to elevate the altcoin’s price above the next major mark at $1,155.

It then closed the previous 4-hour candle above this resistance level at $1,169. In the latest 4-hour period, MKR had broken below $1,155, however, and continued to trade below this significant price point at press time.

Should MKR’s price fail to close a 4-hour candle above $1,155 before the end of today’s trading session, then it may be at risk of retesting the recently-flipped $1,066 level in the following 24 hours. Continued sell pressure may even push MKR’s price to as low as $987 as well in the following week.

Daily chart for MKR/USDT (Source: TradingView)

Looking at the daily chart for MKR/USDT, a noteworthy bullish long-term technical flag was recently triggered. Over the past 3 days, the 100-day EMA line crossed bullishly above the 200-day EMA line. This suggested that the altcoin’s price may continue to rise in the coming few weeks.

If MKR is able to close today’s daily candle above $1,155, then it may look to rise to $1,236 in the next 24-48 hours. A break below this resistance level will then clear a path for the cryptocurrency’s price to climb to $1,383 in the following week. On the other hand, if MKR fails to close today’s candle above $1,155, then it could drop to the aforementioned $1,066 support.

Investors and traders will also want to keep monitoring the daily RSI indicator, as it showed that MKR was slightly overbought on the daily time frame. Despite this, there was still room for MKR’s price to rise before it can be labeled as extremely overbought. The daily RSI reaching 80 may be followed by an MKR selloff in the next few days.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.