|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Maker (MKR) Price Prediction: MKR Bulls Aiming to Break the $2,200 Resistance Level
Sep 28, 2024 at 06:09 am
MKR's price could rally by 30% to reach the $2,200 level if it closes a daily candle above the $1,685 level. MKR’s Long/Short ratio currently stands at 1.031, indicating bullish sentiment among traders.
Cryptocurrency market participants have been closely monitoring Maker (MKR) recently due to its potential for a significant rally. MKR has been lagging behind the broader cryptocurrency market recovery, but technical analysis suggests that it is now poised for a substantial surge.
According to traders and investors, MKR has broken out of a bullish price action pattern on the daily time frame, which is generating a lot of interest. This pattern, combined with the recent market rally, could propel MKR to new highs.
MKR’s technical analysis reveals a bullish breakout from an inverted head and shoulder price action pattern on the daily time frame. This bullish pattern formed at the support level and the 200 Exponential Moving Average (EMA) on the weekly time frame, indicating a potential reversal in the trend.
The support from 200 EMA and the formation of a bullish price action pattern have shifted the overall sentiment for the MKR token. Following this breakout, if MKR manages to close a daily candle above the $1,685 level, it could rally by 30% to reach the $2,200 level in the coming days.
At the moment, MKR is trading close to the $1,700 level, having surged by over 6% in the past 24 hours. This price increase is accompanied by a 70% jump in trading volume during the same period, indicating heightened participation from traders and investors.
Further bolstering the bullish case for MKR is the Long/Short ratio, which currently stands at 1.031, according to the on-chain analytics firm Coinglass. This ratio indicates bullish sentiment among traders, with more traders betting on an increase in MKR's price.
Moreover, MKR's future open interest has increased by 16% over the past 24 hours and has been steadily rising, suggesting growing interest from traders and investors.
Typically, traders and investors use the combination of rising open interest and a Long/Short ratio above 1 when building long positions. Considering all these on-chain metrics, it appears that bulls are currently dominating the asset, potentially driving MKR toward a massive upside rally in the coming days.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Swan Bitcoin Sues Ex-Employees, Consultants, and Tether, Alleging They Orchestrated a Plan to Steal Its Business
- Sep 28, 2024 at 10:15 am
- The suit claims six individuals misappropriated Swan's trade secrets—including proprietary code and financial models—before launching a rival mining venture called Proton Management.
-
- From Bitcoin ATMs to API-Driven Crypto-to-Cash Service: The Story of Coinme
- Sep 28, 2024 at 10:15 am
- Adaptability is key to the survival of any company. Neil Bergquist, CEO of Seattle-based crypto financial services provider Coinme, knows this principle well.
-
- Shiba Inu Breakout Eyes $0.00002631 Level After Rallying Over 19%
- Sep 28, 2024 at 10:15 am
- Shiba Inu is experiencing a notable price breakout, surging over 19% and positioning itself toward the critical resistance level of $0.00002631.
-
- BlockDAG's 23rd Batch Nears Sell-Out As Buyers Race To Get 50% Bonus!
- Sep 28, 2024 at 10:15 am
- After a steady increase, BNB has hit a snag at the $600 mark. This has led to a concerning price forecast for BNB that points to a potential downward shift
-
- Binance Founder Zhao Released From Custody as BNB Dips, Representing $13B Reduction in His Net Worth
- Sep 28, 2024 at 10:15 am
- Binance founder Changpeng Zhao was released early from custody on Sept. 27, and the price of Bitcoin (BTC) and Binance's BNB (BNB) token dipped slightly since the start of the trading day.
-
- RCO Finance (RCOF) Presale Gains Traction as XRP (XRP) Traders Diversify Their Portfolios
- Sep 28, 2024 at 10:15 am
- Over the years, Ripple (XRP) traders have tagged along Solana (SOL) to diversify their crypto portfolio. However, a new Solana alternative with impressive potential gains has caught the XRP traders’ attention.
-
- Why Is Bitcoin (BTC) Up Today? It Breaks Key Resistance, Enters Greed Phase
- Sep 28, 2024 at 10:15 am
- Bitcoin[BTC] has finally crossed its long-term moving average that previously acted as a resistance level. The positive trend has continued over the past 24 hours.
-
- Step by Step Spell Token $SPELL Staking Guide 2025
- Sep 28, 2024 at 10:15 am
- Spell Token $SPELL staking has become an increasingly popular way for cryptocurrency holders to earn passive income. In this guide, we will walk you through the
-
- Bitcoin (BTC) Price Tops $66,000 as Coinbase Premium Index Grows, Bucking Historical September Trend
- Sep 28, 2024 at 10:15 am
- The price of the flagship cryptocurrency Bitcoin has topped the $66,000 as we near the final days of September as it appears to be bucking its historically