Key Notes

Key Notes:

MKR has gained 6.43%, trading at $1,191, indicating a strong recovery from its recent downtrend.RSI at 59.99 suggests increasing buying pressure, while the MACD crossover signals a potential uptrend continuation.The Open Interest has dropped to a 1.5-year low while the digital asset faces strong resistance at $1,220.

Maker MKR $1 537 24h volatility: 6.6% Market cap: $1.31 B Vol. 24h: $185.62 M , the governance token of MakerDAO and Maker Protocol, has shot up by more than 7% in the past day, claiming a daily high of $1,198.28. Interestingly, with increasing trading volume and key technical indicators signaling bullish momentum, MKR appears to be on track for further gains. However, it is still down 81.22% from its all-time high of $6,339.02, seen over four years ago.

According to crypto market intelligence platform Kiyotaka, MKR hit its highest price in two weeks despite the broader market crashing, including market leader Bitcoin BTC $96 656 24h volatility: 1.3% Market cap: $1.92 T Vol. 24h: $17.95 B , which dropped to $95,000 after numerous attempts to break $100,000. The chart below shows negative funding for the altcoin, which means short traders are paying fees, indicating bearish sentiment in futures markets. However, when paired with a price increase, this could trigger a short squeeze.

On the other hand, the MKR Open Interest is now at a 1.5-year low, indicating fewer leveraged positions. Kiyotaka confirmed that this rally is driven by spot buying rather than derivatives trading. Such rallies might be more sustainable compared to a leverage-fueled pump. Also, recent volume shows an increase, indicating stronger buying momentum.

According to prominent analyst Ali Martinez, the price of MKR rallied 24% after the TD Sequential indicator (a time-based indicator) flashed a “9” buy signal earlier, which indicates a potential trend reversal. The analyst highlighted $1,220 as the next key resistance level, meaning the price could face selling pressure around that area.

However, the recent strong bullish candles indicate upward momentum, and if volume supports it, MKR might break above $1,220. Meanwhile, the chart below provided by TradingView shows that the Relative Strength Index (RSI) reads a value of 59.99, approaching overbought levels but still in a healthy uptrend. The gradient of the line suggests that higher prices are definitely possible in the coming days.

Source: TradingView

The Moving Average Convergence Divergence (MACD) indicator shows that the MACD line (blue) has crossed above the signal line (orange) just a few days ago, confirming a bullish crossover on the daily chart. The MACD histogram also remains bullish for the digital asset as the intensity of the bars continues to increase, suggesting increased demand for the MKR token.

MKR has also reclaimed the 20-day Exponential Moving Average (EMA), which currently stands at $1,051. If this level is flipped into support, a sustained rally above the $1,220 resistance level could be possible in the near future.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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