A whale deposited a substantial amount of MKR on Binance, which suggested an increase in selling pressure. Will MKR's bull run end?
The fact that MKR was under selling pressure was further established with a look at Santiment’s charts. As per the data, MKR’s supply on exchanges rose, while its supply outside of exchanges dropped.
This meant that investors were actually selling their assets at a profit at press time, indicating a market top. Its exchange outflow, after a spike, registered a decline. However, whale confidence in MKR was high, which was evident from the rise in its supply held by top addresses.Though metrics looked bearish, market sentiment around MKR remained bullish. LunarCrush’s data revealed that total bullish sentiment around MKR surged by more than 36% over the last seven days.Another bullish indicator wasApart from these, several other metrics also looked optimistic for the token. For example, MKR’s daily active addresses were high, reflecting high usage.
However, a few of the metrics continued to be in the buyers’ favor. The MACD displayed that the bulls were leading the market. ’s Money Flow Index also registered an uptick from the neutral mark, suggesting that its price might pump further.
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