MKR Price Stalls Near $1600: Can It Fend Off Further Decline?

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 MKR price has been trading beneath a descending triangle line since July 17.

So far, the downward movement has led to a four-month low of $1440 last week. MKR’s price continued to face bearish pressure, trading under the bearish influence.

Amidst the improved market sentiments, MKR crypto witnessed subdued demand and hovers in a tight range. A weekly green candle for Maker crypto would usually be cause for a little celebration, but the fact that it was still closed below the 200-day EMA does not bode well for the bulls.

A break and close above the $1700 mark would validate the range breakout. This could lead to a significant upswing in the coming sessions.

MKR Price Prediction: Is a Range Breakout Emerging?

Per the daily chart, the MKR price showed slightly bullish signs. It was nearing the end of the correction phase. Despite range-bound moves, the Bollinger band has squeezed. It signaled that a sharp move could be seen in the following sessions.

At press time, Maker crypto changed hands at $1587.88, rising over 5.57% over the last 24 hours. It boasted a market cap of $1.48 Billion and a volume-to-market cap ratio of 0.0342.

@24Crypto_Info, in his recent tweet, shared that the MKR price has traded inside a falling wedge pattern. A successful breakout might proceed toward the $3000 mark soon.

Additionally, the Average Directional Index (ADX), which confirms the strength of a market trend, was spotted at 31. An ADX above 25 typically highlights a relatively strong trend.

Technical Indicators Data | Source: Coinalyze

However, the Relative Strength Index (RSI) was below the midline region. It had a reading of 41, representing a slightly pessimistic outlook.

The Money Flow Index (MFI) was noted around 50, implying a lack of significant market inflows. This led to a price consolidation.

Sharp Surge in Popularity

Typically, social dominance measures how much attention a cryptocurrency receives compared to others. An elevated value indicated the surge in discussions about MKR crypto, which can be vital in sustaining its gains. At press time, the social dominance value was noted to be around 0.471%.

However, the weighted sentiment data inched closer to the midline region, hovering around -0.41. This means investors still do not look confident about buying MKR at current price levels.

Amidst the MKR price consolidation, the OI-weighted funding rates stayed positive since September 18. This means traders persisted in making long positions and anticipated a significant rise in the coming sessions.

Funding Rates Data | Source: Coinglass

Moreover, the Futures Open Interest (OI) rose 8.65% to $94.58 Million. It reflected a long buildup activity over the past 24 hours.

The immediate support zones were placed around $1500 and $1420 to keep an eye on for the following sessions. At the same time, the resistance levels were around $1660 and $1780.