- Maker surges with 8.93% in 24 hours after a week of bull run.
- Market sentiment, and key technical indicators suggest a bull run
MakerDAO’s MKR has been bullish in the last seven days. It has surged by 4.80% over the last week while recording an 8.93% increase in the last 24 hours.
At press time, Maker was trading at $2414.47 with a 24-hour volume of $109 million. MKR was also 61% above its ATH while recording a rise that has pushed the current prices to 11,475% above its lowest prices.
Source: Tradingview
AMBCrypto analysis indicates that MRK’s momentum is bullish as it attempts to challenge the nearest resistance level of around $2729. If it breaks down at this level, it will aim at $3145 for the next level.
The current support level is around $2150, with the lowest at around $1945. With the indicators suggesting that the $2150 support level is respected, MKR aims to challenge the $2745.
MKR would break out with only a 2.7% change and aim for more gains.
Source: Tradingview
Further, the RSI indicates a solid bullish momentum for the last seven days. The RSI of 44.68 is above the RSI-based MA of 36.93.
When the RSI is above its moving average, it indicates a bullish signal. Typically, the current gains are overpowering losses, which signifies an upward momentum.
Thus, with an RSI of 46, Maker shows opportunities for a long position, anticipating increased price gains.
Additionally, according to Santiment, MKR exchange inflow has experienced a decline over the past week. The exchange inflow has reduced from a high of 5799 on 12th June to a low of 177 on the 17th.
Source: Santiment
Generally, a higher exchange inflow means users prepare to trade their assets, resulting in higher selling pressure. Higher selling pressure pushes prices down.
Thus, the lower exchange inflow reported by MKR suggests few assets are available, reducing selling pressure and driving higher prices.
Interestingly, according to Coinglass, MKR has reported a balanced volume-weighted funding rate.
Source: Coinglass
The funding rate is neutral and positive. This implies that long and shorts positions are balanced and the market enjoys stability without bearish or bullish dominance.
Realistic or not, here’s MKR’s market cap in BTC terms
Will MKR’s recent surge hold?
In the last seven days, MKR has experienced considerable gains. Key indicators suggest a bullish momentum after $2150 support was held.
With a breakout from a bearish trend imminent, MKR aims to challenge the resistance level of around $2729. Equally, the market sentiment is bullish, with a rising RSI and reduced Exchange inflow.