Within the last 24 hours, Maker’s (MKR) value has surged by 11.20%, reaching $1,416.32 at the current time. Various indicators, such as Funding Rates and Open Interest (OI), indicate that there might still be room for this upward movement to continue.
Continuous accumulation signals sustained interest from traders in the market.
MKR poised for a potential 54% increase?
MKR has maintained a downward trendline since August, but it recently broke out of this pattern, leading to an 11.48% increase in its market capitalization to $1.24 billion.
Presently, MKR is facing resistance at the $1,418 level, where notable selling pressure has emerged. However, if it manages to surpass this hurdle, there is a possibility of a significant 56.91% gain, targeting $2,203.
In the event of an increase in bearish pressure, MKR might experience a minor pullback, potentially testing support near $1,102, an area where previous buying activity has been strong.
Analysis of the broader market by CryptoCrypto indicates an optimistic outlook for MKR.
Trader bids driving the upward trend
Trader bids continue to support MKR’s upward momentum, resulting in noticeable gains in the market.
Over the past 24 hours, MKR’s Open Interest (OI) has grown by 13.67% to $120.30 million, as reported by Coinglass, indicating an increasing dominance by bullish traders.
OI measures the volume of active unsettled derivative contracts, and the rise suggests that long traders currently have more positions, potentially pushing the asset’s value up.
Furthermore, the Funding Rate, which reveals which side of the market is maintaining positions to balance the spot and futures markets, is also being influenced by long traders.
The latest data shows the Funding Rate at 0.0211%, a significant increase, indicating a strengthening bullish sentiment.
If this trend persists, it implies further upside potential as long traders anticipate additional gains.
Entering an accumulation phase
This rally has been confirmed by Maker’s Accumulation/Distribution line breaking through a crucial resistance trendline, paving the way for further upward movement.
Subsequent to this breakthrough, a rise in accumulation is expected, likely fueling more gains as MKR continues on its upward trajectory.
The sustained interest in buying is predicted to positively affect the asset’s value.