Bitcoin, which rose to $26,850 before SEC Chairman Gary Gensler's speech in front of the House Financial Services Committee yesterday, fell to $26,100 during the speech.
While BTC, trying to maintain the level of $ 26,000, consolidates in a narrow range, some altcoins have made a name for themselves with the rise they have experienced in recent weeks.
One of these altcoins was undoubtedly Maker (MKR), which rose by 46% in the last four weeks.
At this point, MKR, which has increased by 46% in the last four weeks, increased by 12.21% in the last 7 days and 6.2% in the last 24 hours.
Evaluating that this increase in price and demand in MKR may continue, analysts think that this increase in MKR demand will help cope with the $ 1,500 resistance and continue the rise to $ 2,000.
Evaluating this increase in MKR, Santiment stated that the price increased by over 40% in the last 16 days and active addresses reached the highest level in 10 weeks, with the price exceeding $ 1,500.
At this point, the steady increase in the number of active addresses points to speculation that the upward trend will continue, while Santiment warned that the increasing inflow to the exchanges in MKR may indicate a temporary local peak and create selling pressure.
“Maker's price is up +40% over the last 16 days and active addresses have reached a 10-week high as the asset surpasses $1,500.
“The increase in MKR entering the exchanges is something to be wary of for a temporary local top.”
📈 #Maker's price has now surged +40% in the past 16 days with its active addresses hitting a 10-week high in tandem with the asset crossing $1,500. An inflow of $MKR moving to exchanges is something to be cautious of for at least a temporary local top. https://t.co/oFeijYNZCO pic.twitter.com/rStBGX6TdM
— Santiment (@santimentfeed) September 28, 2023
According to data from Coinglass, the number of MKR held in wallets controlled by central exchanges increased by 5% in the last 24 hours to MRK 71,190 ($106 million), and the total foreign exchange balance reached the highest level since September 3.
According to these data, significant increases in foreign exchange balances can increase price volatility, usually downwards. An increase in the so-called foreign exchange balance is interpreted as indicating the tendency of investors to sell or liquidate their assets.
MKR continues to trade at $1,506 at the time of writing.
*This is not investment advice.
