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MKR targets $2.2K amid rising trader interest

MKR targets $2.2K amid rising trader interest

GrafaGrafa2024/11/08 04:00
By:Mahathir Bayena

Maker (CRYPTO:MKR) has shown a strong rally, with its price increasing by 11.20% over the past 24 hours to reach $1,416.32.

The upward movement follows a breakout from a descending trendline that had restricted its progress since August.

This breakout helped boost MKR’s market capitalisation by 11.48%, now standing at $1.24 billion.

Despite the recent gains, MKR is facing resistance at the $1,418 level, where selling pressure has emerged.

If MKR surpasses this level, it could potentially target a significant 56.91% increase, reaching $2,203.

However, if selling pressure intensifies, a pullback to the $1,102 support level may occur, where previous buying activity has been strong.

Trader bids have been a key factor in MKR’s recent momentum.

According to Coinglass, MKR’s Open Interest (OI) rose by 13.67% over the past day, reaching $120.30 million.

This indicates that more long positions are being taken by traders, suggesting confidence in further price increases.

The OI, which measures the volume of active, unsettled contracts, reflects growing bullish sentiment.

The Funding Rate, which indicates which side of the market is maintaining positions to balance the spot and futures markets, has also shown an uptick.

Standing at 0.0211%, this rise suggests that long traders are contributing to the asset’s upward movement, reinforcing positive sentiment.

An accumulation phase is confirmed as MKR’s Accumulation/Distribution line broke a key resistance trendline.

This indicates that sustained buying interest could propel MKR’s price further.

If the current bullish trend continues, traders may see more gains in the coming days.

However, the outcome will depend on whether MKR can break through the current resistance or face a pullback to lower support levels.

At the time of reporting, the Maker (MKR) price was $1,500.09.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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