thecoinrepublic.com
MKR price has escaped a three-month correction phase and gained momentum in the past few sessions. Recently, it made a triple bottom formation around the $2100 mark and saw exponential growth.
Following the market recovery, it recuperated over 40% this month and climbed above its key moving averages. Furthermore, it displayed a golden crossover, and the coin is poised for a significant upmove ahead.
Recently, it gave a falling wedge breakout, and a fresh bullish reversal wave was noted in the last few sessions. Notably, it has revisited the $3000 mark but failed to cross and faced rejection.
Still, the buyers have gained strength and could resume the bullish wave ahead. Once the MKR price succeeds in crossing the $3050 mark, a sustained reversal may shift the coin’s trajectory toward the $3500 mark soon.
The MKR coin was traded in a significant retracement phase for the past three months and was corrected over 50% from the $4000 mark. However, the signs of trend reversal were noted, and the coin could retain its gains soon.
How is MKR Price Doing?
At press time, the MKR price was tradingat $2759.20 with an intraday surge of 2.36%, reflecting neutrality on the charts. It had a monthly return ratio of -1.90% and 1.20% yearly, reflecting long consolidation.
The pair of MKR/BTC was at 0.0420 BTC, and the market cap was $2.58 Billion. Analysts were bullish and suggested that the MKR price may deliver a sharp upmove beyond the $3000 mark ahead.
MKR Price Action Outlook
Maker coin was traded under bullish influence, signifying a fresh higher high and a volume surge. Recently, it showed a trend reversal and denoted bullish potential.
A short covering move can be seen once MKR bulls succeed in sustaining beyond the $3050 mark.
The RSI curve stayed in the overbought zone, and a positive crossover was noted. It implied the sustained buying pressure on the chart.
Moreover, the MACD indicator plotted the green bars on the histogram and indicated a significant uptrend was imminent.
Maker’s Traders Looks Optimistic
Per the Global In/Out of the Money (GIOM), 81% of MKR addresses were making profits and looked optimistic. At the same time, only 18% of holders were facing unrealized losses.
This significant holding data showed that MKR is poised for the upmove and may continue to shift the gains upward. It may stretch the bullish wave toward the $4000 mark soon.
Surge In Popularity
The Social dominance data witnessed a sharp rise of over 12% and rose beyond the zero line. It revealed the increase in the investors’ chatter on the social media platforms.
Likewise, the weighted sentiment data witnessed a revival from the bottom and noted a rise of over 6%. This implied a change in the market dynamics.
@Impluse, in his tweet, said that the MKR coin is poised for a significant upside ahead.
$MKR looks quite good for a move up pic.twitter.com/HBdkpqqX8q
— Impulse (@Impulse606) July 23, 2024
Futures Data Witnessed Long Additions
Following the price rise of over 3% intraday, a significant surge in the open interest was noted. Its OI data showed a rise of over 6.80% to $142.63 Million in the past 24 hours.
The liquidity data indicated that the buyers have outpaced the bears, and a significant upside can be anticipated ahead.
The immediate support levels for the MKR coin at press time were $2650 and $2500, whereas the key upside hurdles were around $2860 and $3050.
Can Maker Show The Outperformance Ahead?
The MKR price took support on the 20-day EMA mark and made a higher low formation in the intraday session. Its short-term trend favors the upside, and the coin could continue to blast beyond the $3050 mark.