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In the previous 24 hours, bearish momentum in the Maker (MKR) market was neutralized when support at the intraday low of $1,296.53 propped up the price. This support level was a significant barrier to further decline, signaling a possible change in market mood. Consequently, buyers restored confidence and began to join the market, causing the Maker price to rebound.
As a result, bulls drove the MKR price to a new 52-week record high of $1,360.71 before retreating to $1,340.80, a 2.68% increase from the intraday low at press time. If bulls push prices over $1,360.71, the next resistance level would be at the $1,400 level. Breaking over this level might indicate further gains for Maker if the price rises.
During the bull run, MKR’s market capitalization and 24-hour trading volume increased by 2.69% and 21.34%, to $1,310,805,470 and $105,536,028, respectively. This market capitalization and trading volume growth reflects high investor interest and enhanced liquidity in the MKR market.
With a score of 27.02473, the Moving Average Convergence Divergence (MACD) motion is above its signal line and in the positive range. This pattern shows that Maker’s bullish momentum is likely to continue. However, if the price MACD moves below its signal line and into the negative zone, it may suggest a possible positive trend reversal.
The Bull Bear Power (BBP) rating of 78.18863 adds to the positive attitude of Maker. A high BBP rating implies significant purchasing pressure and predicts the price will continue rising. However, traders should carefully monitor any changes in the BBP rating since a substantial drop might indicate a shift in market mood and a possible negative trend.
Additionally, the Keltner Channel bands on the MKRUSD price chart advance north, with the top, middle, and lower bands reaching $1349.10258, $1295.63382, and $1242.16385, respectively. This pattern illustrates that the price of Maker has been steadily rising within a relatively small range.
However, the price movement has rebounded off the top band, indicating a probable overbought condition. As a result, traders may consider taking profits or setting a stop-loss plan to safeguard against a possible price reversal.
The Relative Strength Index (RSI) is going downhill with a value of 66.08, adding to the probable correction indication. This movement shows that purchasing demand for Maker may be easing. If the RSI continues to decrease and goes below the 50 mark, it might signal a likely price reversal.
In conclusion, Maker (MKR) shows bullish solid momentum, but caution is advised as overbought conditions and RSI suggest a potential correction ahead.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.