Maker price was one of the best-performing assets throughout June and July. The rally noted in that duration made MKR a must-have token, and it seems
like the whales did not waste the opportunity to make it happen. However, if the price declines further, this altcoin also faces the threat of loss offsetting via selling.Maker price at the time of writing could be seen changing hands at $1,012 after noting a near 8% decline in the past 24 hours. This dip added to the series of red candlesticks that began at the beginning of August, which have since brought MKR down from nearly $1,350 towards $1,000.
While the development is bullish, Maker price is not done posting red candlesticks. The Relative Strength Index shows that despite sitting at a three-month low, the indicator is yet to dip into the oversold zone. This area historically has been the turning point for the momentum and was last visited by MKR in December 2022.
Thus a decline is still on the cards, plus the accumulated MKR over the past month is currently generating losses for investors. If Maker price continues falling, these whales might be forced to offset their losses and dump their holdings. Consequently, it would negatively impact the altcoin. Furthermore, about 55% of the entire circulating supply of 81,600 MKR sits in the hands of mid-term holders. Even though their hands are considered safe, these investors are not prone to holding on even in losses. Thus selling from them could lead to a dump in Maker price.The critical support line for Maker price stands at $880, which marks the 200-day Exponential Moving Average .
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