Altcoins News
By Sakamoto Nashi
1 / 15
The Rally and Burn Events. The price spike was largely fueled by increasing demand and a shift in momentum on shorter…
2 / 15
A Bearish Structure on the Weekly Chart. Looking at the broader picture, the weekly chart for MKR shows signs of a potential reversal.
3 / 15
Lack of Strong Bullish Signals. While the rise in MKR’s price has been accompanied by a spike in daily active addresses and…
4 / 15
Resistance at $1,750: A Key Threshold for Traders. One of the most significant hurdles for MKR is the resistance at $1,750, which is the upper…
5 / 15
What’s Next for MKR: Caution is Key. For those who are holding MKR, it might be wise to consider reducing exposure as the token nears…
6 / 15
Maker (MKR) has experienced a significant price rally this week, jumping by 60% since February 16.
7 / 15
While this event initially fueled hope among traders, it didn't appear to ignite the buying frenzy that many had anticipated.
8 / 15
Looking at the broader picture, the weekly chart for MKR shows signs of a potential reversal. Despite the recent surge, the overall swing structure remains bearish.
9 / 15
The price has since bounced back to around the $1,600 range, but this region presents a major resistance zone.
10 / 15
Additionally, MKR has faced challenges at the 78.6% Fibonacci retracement level over the past few months, which has further added to the skepticism surrounding its long-term…
11 / 15
While the rise in MKR’s price has been accompanied by a spike in daily active addresses and network growth, which are typically bullish signals, there are still several red flags.
12 / 15
Moreover, the Moving Average Convergence Divergence (MACD) indicator has also shown bearish trends, although it is nearing a potential crossover into bullish territory.
13 / 15
A glance at the three-month liquidation heatmap from Coinglass shows that there are clusters of liquidations just above the $1,600 mark, extending up to $1,755.
14 / 15
However, until that happens, the prevailing sentiment in the market suggests caution. With a bearish structure still in play on the weekly chart and resistance just overhead, MKR…
15 / 15
In conclusion, while the recent surge in Maker’s price has been impressive, there are multiple signs pointing to a potential reversal.
The Currency Analytics
Want the full story?