Since September 17, the Maker (MKR) crypto price has rebounded by $1450. However, the price action has yet to move outside its consolidation pattern.
The price of Maker (MKR) crypto has seen a slight uptrend in the past 24 hours, rising by 5.57% and trading at $1587.88 at press time. However, despite the rise, the MKR price still faces resistance at the 200-day EMA.
A technical analysis of the MKR crypto 1-day chart reveals the following key points:
The MKR price showed slightly bullish signs as it approached the end of the correction phase. Despite range-bound moves, the Bollinger Bands have squeezed, indicating a potential sharp move in the upcoming sessions.
The Average Directional Index (ADX) was spotted at 31, indicating a relatively strong trend. An ADX above 25 usually highlights a strong trend.
However, the Relative Strength Index (RSI) was below the midline region with a reading of 41, indicating a slightly pessimistic outlook.
The Money Flow Index (MFI) was around 50, indicating a lack of significant market inflows, leading to price consolidation.
Social dominance, which measures the attention a cryptocurrency receives in comparison to others, had a value of 0.471%, indicating a surge in discussions about MKR crypto, which could be crucial for its gains.
Moreover, the OI-weighted funding rates remained positive since September 18, indicating that traders continued to make long positions and anticipated a significant rise in the upcoming sessions.
Futures Open Interest (OI) rose by 8.65% to $94.58 Million, indicating a long buildup activity over the past 24 hours.
Immediate support zones to watch for the upcoming sessions were around $1500 and $1420, while resistance levels were around $1660 and $1780.
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