Maker (MKR) Price Surges Over 7% to Two-Week High
MKR Price Surge
- MKR, the governance token of MakerDAO, rose over 7% to a daily high of $1,198.28.
- Despite the increase, MKR is down 81.22% from its all-time high of $6,339.02.
Open Interest and Market Conditions
- MKR's open interest is at a 1.5-year low, indicating fewer leveraged positions.
- The recent rally is attributed to spot buying rather than derivatives trading.
- Negative funding rates suggest bearish sentiment among short traders, which could lead to a short squeeze if prices continue to rise.
Technical Analysis
- The TD Sequential indicator signaled a “9” buy, suggesting a potential trend reversal.
- Analyst Ali Martinez identified $1,220 as the next key resistance level, where selling pressure may occur.
- The Relative Strength Index (RSI) is at 59.99, indicating a healthy uptrend approaching overbought conditions.
- The MACD has shown a bullish crossover, confirming increased demand for MKR.
- MKR has reclaimed the 20-day Exponential Moving Average at $1,051, which, if maintained, could support further price increases above $1,220.
Source: TradingView