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Cryptocurrency News Articles
MKR Price Prediction: Is a Range Breakout Emerging?
Sep 23, 2024 at 08:06 am
Since September 17, the Maker (MKR) crypto price has rebounded by $1450. However, the price action has yet to move outside its consolidation pattern.
The price of Maker (MKR) crypto has seen a slight uptrend in the past 24 hours, rising by 5.57% and trading at $1587.88 at press time. However, despite the rise, the MKR price still faces resistance at the 200-day EMA.
A technical analysis of the MKR crypto 1-day chart reveals the following key points:
The MKR price showed slightly bullish signs as it approached the end of the correction phase. Despite range-bound moves, the Bollinger Bands have squeezed, indicating a potential sharp move in the upcoming sessions.
The Average Directional Index (ADX) was spotted at 31, indicating a relatively strong trend. An ADX above 25 usually highlights a strong trend.
However, the Relative Strength Index (RSI) was below the midline region with a reading of 41, indicating a slightly pessimistic outlook.
The Money Flow Index (MFI) was around 50, indicating a lack of significant market inflows, leading to price consolidation.
Social dominance, which measures the attention a cryptocurrency receives in comparison to others, had a value of 0.471%, indicating a surge in discussions about MKR crypto, which could be crucial for its gains.
Moreover, the OI-weighted funding rates remained positive since September 18, indicating that traders continued to make long positions and anticipated a significant rise in the upcoming sessions.
Futures Open Interest (OI) rose by 8.65% to $94.58 Million, indicating a long buildup activity over the past 24 hours.
Immediate support zones to watch for the upcoming sessions were around $1500 and $1420, while resistance levels were around $1660 and $1780.
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!
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