Maker (MKR) encountered bearish pressure on Thursday, with Chaikin Money Flow remaining negative at -0.17, indicating sustained selling pressure. Open Interest also dropped significantly to $77 million, suggesting a potential consolidation phase for the asset.
Despite a market capitalization decline of $1.3 billion this year, MakerDAO achieved record monthly fees of $40 million and revenues of $26 million in December, showcasing resilience amidst challenging conditions, according to DefiLlama.
As MKR's price action unfolds within a falling broadening wedge pattern on the weekly chart, the setup could lead to a bullish reversal if selling pressure continues to weaken. However, current indicators present a mixed scenario.
The Chaikin Money Flow (CMF) value remains in the negative zone for five months, signaling sustained seller dominance. Similarly, the Awesome Oscillator (AO) shows a bearish trend with negative histogram bars.
On the other hand, support for MKR appears firm between $1,440 and $1,480, where 2,530 wallets acquired the token. Resistance looms around $1,700, with 1,290 addresses likely to sell and cap a potential rally. For MKR to push toward a 2024 high of $4,000, it must break through these levels while attracting stronger buyer momentum.
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