Maker (MKR) eyes 35% rally as on-chain data fuel bullish sentiment
The post Maker (MKR) eyes 35% rally as on-chain data fuel bullish sentiment appeared on BitcoinEthereumNews.com.
MKR’s open interest has skyrocketed by 37% in the past 24 hours indicating traders’ strong participation. MKR’s Long/Short ratio indicates a strong bullish sentiment among traders. MKR, the native token of MakerDAO is poised for a notable upside rally as it has formed a bullish price action pattern on a daily time frame. However, it appears that whales and traders have shown a strong confidence and interest in the token as reported by on-chain analytics firm Coinglass. MKR’s rising open interest This notable interest and confidence in the altcoin follow its breakout from a prolonged descending trendline. Data shows that MKR’s open interest has skyrocketed by 37% in the past 24 hours and 16% in the past four hours. This growing OI indicates strong trader participation in the altcoin, leading to a significant increase in new open positions. In addition to rising OI, MKR’s Long/Short ratio currently stands at 1.08, indicating a strong bullish sentiment among traders. According to the data, at press time 53% of MKR’s top traders hold long positions, while 47% hold short positions. Source: Coinglass The combination of on-chain metrics suggests that investors and traders are currently dominating the asset and could support it in an upcoming rally. Maker technical analysis and key levels According to AMBCrypto’s technical analysis, MKR, after breaching a prolonged descending trendline, is currently struggling near a strong resistance level of $2,220 but is poised to break through. Source: TradingView Based on recent price action and historical momentum, if MKR breaches and closes a daily candle above the $2,230 level, there is a strong possibility it could soar by 35% to reach the $3,200 level in the coming days. MKR was trading above the 200-day Exponential Moving Average (EMA) on the daily timeframe at press time, indicating an uptrend. However, its Relative…
Filed under: News - @ December 4, 2024 3:20 am