The post Maker [MKR] is up 60% this week, but here’s why you should sell appeared on BitcoinEthereumNews.com.

Journalist Posted: February 24, 2025 Maker has a bearish swing structure on the weekly chart. The swift rise in active addresses and network growth might not be enough to sustain the price bounce. Maker [MKR] saw a 60% higher from the 16th of February, spurred by increased demand and a lower timeframe momentum shift. On the 20th of February, a series of posts on X (formerly Twitter) from Whale Alert showed that $156.77 million worth of MKR was burned from an unknown wallet in eight transactions. Source: Santiment Traders anticipated that this reduction in supply would increase the price of the token, but the burn did not initiate the momentum. Data from Santiment showed that the rise in MKR prices over the past two weeks was accompanied by heightened daily active addresses and network growth. These were bullish signals for the lending protocol, but the token was at a significant resistance zone. There were some reasons why a breakout past $1,750 could be halted over the coming days. MKR traders might want to take profits Source: MKR/USDT on TradingView The swing structure of Maker on the weekly timeframe was bearish. This was because the early February sell-off forced the price to make a lower low, beneath the $1k low made in October 2024. Moreover, the price has surged to the $1,600 region (cyan). Extending up to $1,730, this region outlined a resistance zone that the price has respected since February 2022. It was also retested as resistance as recently as December, before the price made fresh local lows. Another reason to be bearish was the lack of reaction from the 78.6% Fibonacci retracement level in recent weeks. Maker has fallen below this level twice in the past four months, which suggests that the downtrend could continue. The CMF was at…

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Filed under: News - @ February 24, 2025 1:11 am