Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• MKR has a firm bullish structure and its recovery from $1037 pointed toward further gains
• The evidence from the On-Balance Volume (OBV) indicator was a concern

MakerDAO [MKR] almost reached its 2023 high at $1370 it on 2 August, touching $1366 a few hours before press time. One of the reasons behind the growth and the uptrend in the past three weeks was the accumulation of MKR whales.

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A post from Lookonchain showed two whales bought millions of dollars worth of MKR in September. On-chain data from Santiment also showed accumulation across the network.

The bulls reveal their intent in the market after the price action in September

On 31 August MKR saw a price spike higher as a large volume of buyers swept into the market. This shifted the market structure on the 1-day chart bullishly, and the Relative Strength Index (RSI) also climbed above neutral 50 on that day.

Together they showed a change in sentiment in favor of the buyers. Moreover, the Fibonacci retracement levels showed that the 61.8% retracement level at $1037 was defended in mid-August. The recent rally toward the highs from early August was a strong sign that the bulls have the power to drive MKR to new highs.

While the price action was extremely positive and called for a rally to the Fib extension levels at $1497 and

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Author: Akashnath S

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