By Curtis Dye
Maker (MKR) bulls have maintained market dominance longer than any other cryptocurrency. As a result, MKR has been the top gainer in the previous 24 hours. During the rally, buyers were able to push the price between $881.85 and $971.18 (the 90-day high) before running into resistance. The positive momentum was still strong at the time of writing, and the market had risen 6.38 % to $936.73.
Market cap increased to $915,879,214, while 24-hour trading volume increased to $104,287,591, both driven by traders who have jumped on the bullish bandwagon. Investors’ increased faith in the market’s upward trajectory and rising demand for MKR are causing its price to soar. Consequently, many traders have taken advantage of the chance to purchase and sell MKR at greater prices, thus fuelling the market’s rise.
MKR/USD 24-hour price chart (source: CoinMarketCap)
The rising Keltner Channel bands on the price chart for MKR, with the top band at $973.3064 and the lower band at $846.36582, indicate that the market is experiencing increased volatility and that purchasing pressure may be driving the price higher.
When the price reaches the upper band, traders may consider taking gains or reducing their stop-loss orders in anticipation of a likely pullback or correction.
Investors are currently purchasing MKR, as shown by the Money Flow Index (MFI) reading of 62.50. If the MFI falls below 50, though, it may signal a change in trend, so keep a watch on it.
Also read:Investors should maintain their current holdings until there are obvious signs of a reversal, as the price is at this level, indicating the bullish trend is here to stay. Unless the MFI drops below 50, the current uptrend should continue.
With a strong ROC score of 7.95 on the 4-hour price chart, the current bullish trend will likely continue. The rising ROC level is consistent with rising purchasing pressure and the possibility of rising market momentum, all supporting the idea of sustained bullish control.
MKR/USD 4-hour price chart (source: TradingView)
Although the MKR market is bullish, the reading of -0.01 on the Chaikin Money Flow (CMF) indicator indicates that there may be some negative pressure brewing. This reading may signal a near-term price correction as market investors cash in on gains and reduce their holdings of MKR.
The Klinger Oscillator is now at -0.0, indicating a negative movement that adds to the generally gloomy outlook for MKR. However, investors with a long-term perspective should take advantage of the purchasing opportunities that arise when prices fall. This action suggests that investors are “buying the dip” or anticipating a future price recovery in the asset.
The fact that the RSI reading is 59.05 suggests that buyers are still active on the market, lending credence to the hypothesis that the asset still has upward potential. The CMF and Klinger Oscillator point to a near correction. Therefore, waiting for a price dip before committing to a long position could be prudent.
MKR/USD 4-hour price chart (source: TradingView)
MKR bulls dominate as buyers push the price to a 90-day high, but negative pressure may signal a near-term correction. The “Buy the dip” mentality persists.
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