- Maker soars 17%, trading in the $1.4K range.
- MKR’s daily trading volume jumps over 163%.
Following days of bearishness, the crypto market is giving indications of recovery. Altcoins are taking the lead with prices oscillating between breakouts and declines. Of these, Maker (MKR) has had a remarkable 17.59% gain.
In the early hours, Maker visited its low of $1,184 before climbing up. MKR hit its daily high of $1,473. At the time of writing, the altcoin was trading at $1,428 with its market cap reaching $1.2 billion.
Notably, the market has observed a $1.54 million worth of Maker liquidation during this timeframe. Concurrently, the asset’s daily trading volume has reached $265 million.
The price of Maker has increased by over 41% in the last seven days. The week began trading at $1,011 and the price managed to move upside after hitting the week’s low at the $982 range.
By contrast, a whale sold 1,230 MKR for $1.78 million USDC on average of $1,448, in effect locking away a $418K profit over the course of one month. Last month in April 2024, the whale earned $1.86 million from the previous MKR transaction. With this latest sale, the total profit stands at $2.27 million.
Will MKR Keep the Rally Going?
Maker sees a strong upside push in its four-hour price trajectory. Bull fortification may trigger the price rally toward $1.5K. Holding above the upper trendline could push MKR to get on track to surpass $1,580.
Assuming the re-emergence of bears, taking control over the asset, the Maker price could slide toward the $1,314 level. Losing this level would likely result in a drawdown to $1.1K or even lower.
The Moving Average Convergence Divergence (MACD) line of Maker is settled above the signal line, indicating a bullish crossover. The asset’s short-term price movement has gained strength toward an uptrend.
Besides, the capital flow toward MKR has increased as the Chaikin Money Flow (CMF) indicator positioned at 0.02, suggests the accumulation is weak. Meanwhile, the daily trading volume of the asset has surged by over 163%.
MKR’s Bull Bear Power (BBP) value of 232.06 signals strong bullish momentum. If sustained, it may trigger further price gains. The asset’s daily relative strength index (RSI) at 80.30 infers that Maker is in overbought territory, showing a potential risk of a pullback or correction.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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