MKR hits a year high of $1,600, what’s next?

by ChainChirp
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Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.

  • MKR bulls smashed the $1,365 resistance to hit a year-high of $1,600.
  • Lengthy positions within the futures market confirmed bulls have been eager to increase positive aspects. 

Maker [MKR] closed out September with a powerful 25% rally that noticed the DAO token smash the $1,365 resistance degree and hit a year-high of $1,600.

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Regardless of the double pullback skilled on the $1,577 resistance over the previous 48 hours, MKR maintained its uptrend on the decrease and better timeframes.

Concurrently, Bitcoin [BTC] began October robust by reclaiming the $28k worth degree. The king coin posted a stable bullish candle on the upper timeframes to interrupt above the $27.5k resistance.

Bullish momentum overpowered bearish resistance

Maker MKR price chart on dark background

Supply: MKR/USDT on Buying and selling View

The $1,365 resistance degree stood in the way in which of Maker’s bullish uptrend for over a month. Patrons skilled two rejections on the degree on 2 August and 21 September, respectively.

Nonetheless, the most recent degree retest noticed bulls ramp up the shopping for stress, with the RSI (Relative Energy Index) surging into the overbought zone. This broke the bearish resistance on the degree and took MKR to a 2023-high of $1,600.

Regardless of the pullback, the OBV (On Stability Quantity) continued to pattern larger, signifying the presence of extra bullish momentum. With bullish sentiment returning to the market, MKR bulls may hit one other year-high within the coming days.

See also  Expect High LTC Price Rally in Months Ahead

The short-term targets will contain breaking by means of the $1,577 resistance and flipping it to assist. This can allow an extra push for positive aspects at $1,600 to $1,650.

How a lot are 1,10,100 MKRs price immediately?

Patrons aren’t executed with the bullish uptrend

Supply: Coinglass

Patrons continued to leverage the bullish momentum within the futures market, with longs holding a 51.54% share of the open contracts, as of press time. This amounted to $27.56 million price of shopping for positions.

Thus, the bullish uptrend and the shopping for momentum may translate to additional bullish positive aspects within the brief time period.

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