- Maker placed a sharp rally of 17%, largely driven by a long interest in the Futures market.
- The The most important question is whether MKR can hold more than $ 2,000 and push to $ 2,400.
Maker [MKR] Has posted a sharp win of 17% in the last 24 hours, which came up as one of the best market performers.
Futures traders drove the increase, while spotactivity showed a more cautious position, as a result of which the question was asked: is this rally sustainable?
Futures Traders Farel MKR Rally
The price jump was mainly fed by aggressive long positions in the derivatives market.
At the time of the press, the analysis of the Open Interest (OI) weighted financing percentage showed a positive reading of 0.0170%, the third highest level this year.
Source: Coinglass
This suggests that most open contracts on MKR come from long traders, who pay a premium to retain their positions.
While Futures traders led the Bullish push, spot traders sold more than $ 1 million to MKR in the same period.
Such an important sale means that these traders take a profit or cut off losses to prevent potential disadvantage.
In this case, taking a profit seems to be the likely motive, given the recent strong price movement of the active.
Source: Coinglass
However, the ambcrypto analysis showed that a persistent bullish run is unlikely, because technical indicators suggest that MKR can be approaching quickly.
Test back?
On the daily graph, MKR has reversed its recent peak of $ 1,962 in support.
However, the price promotion suggests that a retest of this zone can be the following, especially because the momentum fades in the short term and the sale remains to the place.
Source: TradingView
If MKR applies above this trend line, the structure remains intact. A bouncing of $ 1,962 or $ 1,867 could open the doors for a new movement to $ 2,400.
Bollinger tires and MFI point to rebound potential
Market indicators support this possible scenario. At the time of analysis, the Bollinger tires showed that MKR was traded on the graph in the upper tire (red).
Historically, the steps to this region have led to price departments – either in the direction of the middle band (blue) or the lower support band (green).
Both levels usually offer strong support, which means that the price can be rebound and possibly higher highlights.
Source: Trade reproduction
With a decrease in decrease, Ambcrypto discovered that a rebound from the middle band is very likely due to an increasing liquidity flow in the market.
The Money Flow Index (MFI) has risen to 66.62, which has a healthy liquidity inflow.
This keeps MKR in a bullish liquidity zone and each dip can attract more accumulation of traders who see a cheaper entry.