Journalist
Posted:
- LINK is up 12% in the last 24 hours, but a number of market indicators have been bearish.
- MKR’s market indicators looked bullish as they suggested a price increase.
As we enter the closing days of 2023, there are several tokens, such as Chain link [LINK] And Maker [MKR], are witnessing renewed interest as several new wallets started collecting these tokens.
When accumulation increases, it increases the chance of a price increase. Therefore, given the latest investor interest, are LINK and MKR on the verge of a new rally?
Buying pressure on Chainlink and Maker is increasing
On December 27, Lookonchain recently posted a tweet, highlighting that new wallets LINK and MKR are starting to accumulate.
Notably, the whale wallet 0xE68E withdrew 3,150 MKR worth over $4.5 million, while another wallet withdrew 136,146 MKR worth over $2 million.
The portfolios of fresh whales are piling up $MKR And $LINK Today.
0xE68E withdrew 3,150 $MKR($4.55 million) from #Binance in the last 20 minutes.https://t.co/LRuLN0j4Ia
0x8eAD withdrew 136,146 $LINK($2.05 million) from #Binance 10 minutes ago and has recorded 384,006 $LINK ($5.79 million) from #Binance… pic.twitter.com/fjCp1lo0Nx
— Lookonchain (@lookonchain) December 27, 2023
Therefore, to better understand whether investors in general were buying these tokens, AMBCrypto looked at Santiment’s data. According to our analysis, CLUTCHThe supply on the exchanges decreased, while the supply outside the exchanges increased.
Surprisingly, despite an increase in buying pressure, Chainlink’s supply at the top addresses remained flat.
Source: Santiment
A similar trend was visible in Maker’s graph. AMBCrypto’s analysis showed that MKR’s supply on the exchanges registered a huge drop on December 27, while its supply outside the exchanges rose significantly.
This meant that investors were actively buying MKR at the time of writing.
Moreover, whales’ trust in the token also increased, which was clearly evident from the increase in the supply of top addresses. However, soon after, the chart recorded a decline.
Source: Santiment
Will the coins have a positive impact?
To better understand whether the increase in buying pressure would have a positive impact on the price action of both tokens, AMBCrypto looked at their daily charts.
Our analysis showed that Chainlink’s MACD showed a bullish crossover. Moreover, the Bollinger Bands also hinted that LINK’s price entered a relatively volatile zone, which looked bullish.
However, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) recorded a decline, implying a price drop is on the way. In the last 24 hours, LINK is up more than 12%, and at the time of writing it was trade for $17.04.
Source: TradingView
Read Makers [MKR] Price prediction 2023-24
Like LINK, MKR’s MACD also showed a clear bullish upper hand on the market, and the Bollinger Bands also looked bullish. MKR‘s CMF and RSI also moved north, increasing the likelihood of a price increase.
According to CoinMarketCap, MKR is up 2% in the past 24 hours. At the time of writing, it was trading at $1,599.01 with a market cap of over $1.4 billion.
Source: TradingView