- MKR seemed ready for surges toward the $800 mark.
- Unlike longer-term holders, Maker’s near-term investors saw gains.
Maker (MKR) enticed its enthusiast within the previous few weeks following a more than 45% surge that propelled the alt to $746 from $504. Nevertheless, MKR could only reach a crucial selling momentum area.
While writing these lines, MKR had its value at $716 and swayed within a crucial selling momentum area. The territory may draw more bears, repel bulls, and reduce MKR prices. Nonetheless, Maker bulls might control the selling momentum.
Can Bulls Overcome $720 Selling Zone?
The twelve-hour chart has primary technical indicators flashing decent bullishness for MKR. For instance, the RSI stood at 62, following rejections at 50. Moreover, it shows a bullish strength as buying momentum surged with the increasing volumes, according to the OBV (on balance volume).
Moreover, the MFI (Money Flow Index) showed an upsurge, confirming an underway accumulation. Thus, MKR bulls may try to erase the selling momentum area and eye the resistance level of $832 in the coming days or weeks. Nonetheless, bulls should also battle the $774 hurdle for decent surges.
Alternatively, the selling momentum region might overwhelm bulls, leading to bear dominance. Bears may drag MKR towards the value area of $669 before hitting $633 to cancel the bullish bias.
Near-Term HODLers Cheer Gains, But
Santiment announced that near-term MKR holders enjoyed impressive profits since 6 January, and the positive 30d Market Value-Relative Value ratio cements the case. However, longer-term holders have yet to see gains.
Meantime, the crypto’s weighted sentiment declined, switching to negative from positive at this writing. That confirms an absence of investor faith, which may deteriorate MKR’s rally, especially within the selling momentum area.
However, MKR saw its open interest rate increase swiftly from 19 January, showing more cash entering the futures market. Maintaining this trend can boost MKR’s upward actions to surpass the selling momentum territory.
Nonetheless, Bitcoin’s dip from $22,000 would empower MKR bears to dent the token’s value and cancel the discussed bullish prediction. Thus, market participants should watch BTC for sound decisions.