- Maker rises 8.93% in 24 hours after a week of bull run.
- Market sentiment and key technical indicators point to a bull run
MakerDAO’s MKR has been bullish over the past seven days. It has risen 4.80% in the past week, while an increase of 8.93% was recorded in the past 24 hours.
At the time of writing, Maker was trading at $2414.47 with a 24-hour volume of $109 million. MKR was also 61% above its ATH, while registering a rise that has pushed current prices to 11,475% above the lows.
Source: Tradingview
AMBCrypto analysis indicates that MRK’s momentum is bullish as it attempts to challenge the nearest resistance level at around $2729. If it breaks at this level, it will target $3145 for the next level.
The current support level is around $2150, with the lowest level around $1945. With indicators pointing towards the USD 2150 support level being respected, MKR is looking to challenge the USD 2745 support level.
MKR would break out with a change of just 2.7% and aim for more gains.
Source: Tradingview
Furthermore, the RSI indicates solid bullish momentum over the past 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, current gains are overwhelming losses, indicating upward momentum.
With an RSI of 46, Maker shows opportunities for a long position, anticipating larger price gains.
Moreover, according to Santiment, the inflow of MKR fairs has decreased in the past week. Foreign exchange market inflows have fallen from a high of 5799 on June 12 to a low of 177 on the 17th.
Source: Santiment
Generally, higher currency inflows mean that users are preparing to trade their assets, resulting in higher selling pressure. Higher selling pressure pushes prices down.
Thus, the lower currency inflows reported by MKR suggest that there are few assets available, reducing selling pressure and pushing prices higher.
Interestingly, MKR has reported a balanced volume-weighted funding rate, according to Coinglass.
Source: Coinglass
The financing rate is neutral and positive. This means that the long and short positions are balanced and the market is stable without bearish or bullish dominance.
Realistic or not, here is MKR’s market cap in BTC terms
Will MKR’s recent surge hold?
In the last seven days, MKR has made significant gains. Key indicators point to bullish momentum after the USD 2150 support was maintained.
With a breakout from a bearish trend imminent, MKR is looking to challenge the resistance level around $2729. Market sentiment is also bullish, with a rising RSI and reduced inflows on the stock exchanges.
