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- MKR bulls broke the USD 1,365 resistance and reached a yearly high of USD 1,600.
- Long positions in the futures market showed that bulls were eager to extend their gains.
Maker [MKR] ended September with a strong 25% rally, with the DAO token breaking the $1,365 resistance level and reaching a yearly high of $1,600.
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Despite the double pullback experienced at the $1,577 resistance over the last 48 hours, MKR maintained its uptrend on the lower and higher timeframes.
At the same time Bitcoin [BTC] October started strong by regaining the $28k price level. The king coin posted a solid bullish candle on the higher timeframes to break above the $27.5k resistance.
Bullish momentum overcame bearish resistance
Source: MKR/USDT on Trading View
The $1,365 resistance level hindered Maker’s bullish uptrend for more than a month. Buyers faced two rejections at the level on August 2 and September 21 respectively.
However, on the last retest of the level, bulls increased buying pressure, with the RSI (Relative Strength Index) moving into the overbought zone. This broke the bearish resistance at the level and took MKR to the 2023 high at $1,600.
Despite the pullback, OBV (On Balance Volume) continued to rise, indicating the presence of more bullish momentum. With bullish sentiment returning to the market, MKR bulls could hit another yearly high in the coming days.
The short-term objectives include breaking the resistance at $1,577 and turning it towards support. This will allow further momentum towards gains of $1,600 to $1,650.
How much is 1,10,100 MKRs worth today?
Buyers are not done with the bullish uptrend yet
Source: Mint glass
Buyers continued to benefit from bullish momentum in the futures market, with longs owning a 51.54% share of open contracts at the time of writing. This amounted to $27.56 million in buy positions.
So the bullish uptrend and buying momentum could translate into further bullish gains in the short term.