After dropping to $1107, Maker [MKR] has been on a consistent uptrend, reaching $2073 at its peak. Following this high, the altcoin retraced to $1634 but indications suggest the correction phase has ended, paving the way for further upward movement. Currently, Maker is trading at $1867, marking a 3.67% increase in the last 24 hours.
Over the weekly and monthly timelines, MKR has surged by 14.12% and 45.46% respectively. Despite this recent price spike, MKR still remains substantially below its all-time high of $6339 by approximately 70.47%.
The overall market sentiment is positive as Maker demonstrates a significant recovery on multiple charts.
Analyzing MKR’s Performance
Remarkably, after a period of decline where sellers dominated, buyers have now regained control, leading to a strong resurgence.
One notable statistic is the surge in Maker’s large holders’ netflow in the last 48 hours, flipping from negative to 7.68k. This shift indicates more funds are flowing in than out among major holders, signifying higher buying activities than selling.
There has also been a notable increase in large transactions within the past day, soaring by 130.43%. This surge suggests active participation by large investors, predominantly inbound transactions.
Besides major holders, this heightened market activity extends across the board. Maker’s daily active addresses have increased by 58.07% over the last 24 hours, rising from 503 to 803. This surge in active addresses signals growing interest, demand, and adoption which are essential for MKR’s price rally.
Furthermore, data from Coinglass reveals that most investors are opting for long positions, with the long/short ratio indicating 50.83% towards long positions on daily charts. This implies that traders entering the market anticipate further price surges.
Outlook for Maker’s Future
Currently, Maker is witnessing a shift towards bullish sentiment as investors grow optimistic. Given the prevailing market conditions, MKR is poised for additional gains on its price trajectory.
If the current momentum persists, MKR is likely to surpass the $2000 resistance level – a point where it has faced numerous rejections – and potentially target the $2200 resistance, a level not seen since August.
However, in the event of a trend reversal, MKR could find support around $1680.