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- Bulls recovered strongly from a key Fib level to start September strong.
- A rising CVD indicated more profit for buyers.
Maker [MKR] Bulls seized control of the price action with a 20.5% gain after a deep retracement in August. The bullish recovery over the past few days helped maintain Maker’s uptrend on higher terms.
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Maker’s upward price trajectory, driven by rising volume numbers on-chain, stood in stark contrast to the general market conditions brought by Bitcoin. [BTC] dropped below $26,000 again. This set MKR in good stead to increase profits in the medium to long term.
The critical Fib level provided support for a bullish reversal
Source: MKR/USDT on Trading View
A look at the 12-hour time frame for MKR showed that the blockchain protocol was down more than 22% between August 14 and August 25. However, bulls found support at the 100% Fib level ($986) before recovering strongly from the 78.6% Fib level ($1,039) on August 31.
As price gains cooled between the 38.2% Fib level ($1,139) and the 23.6% Fib level ($1,175), indicators on the chart emphasized the bullish outlook. The Moving Average Convergence Divergence (MACD) recorded a strong bullish crossover to emphasize bullish strength.
Similarly, the Relative Strength Index (RSI) remained above neutral 50 and showed good buying pressure with a value of 61. On Balance Volume (OBV) also continued to rise, demonstrating good demand for MKR.
Based on the Fib levels, buyers can reach profit zones of $1,233 (0% Fib level) and $1,292 (-23.6% Fib level). Alternatively, a price rejection at any of the Fib levels above the current price could bring bears back into focus.
Read Creators [MKR] Price Forecast 2023-24
Rising CVD showed huge demand behind MKR
Source: Coinalyse
Dates from Coinalysis point out more profit for buyers. The spot CVD has risen rapidly since August 31. This was indicative of continued demand for MKR in the futures market.
The financing rate has also remained positive since August 31, indicating strong bullish sentiment among speculators.