Maker’s $1,800 Dream: A 41% Bump? 🤷‍♂️

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  • Maker just bounced off a major support zone where a gazillion units were bought.
  • But some traders are cashing out, which could throw a wrench in MKR’s plans.

In the past 24 hours, buyers have had a change of heart after selling their pants off over the past month. This sudden buying spree has led to a 1.66% price bump. 📈

Massive buy orders could light the fuse

According to AMBCrypto’s analysis, this price jump could be the start of a bigger rally, potentially pushing Maker [MKR] up by 41% to hit $1,800. Can you say “Cha-Ching”? 💰

The In/Out of the Money Around Price (IOMAP) indicator, which is like the crystal ball of trading, shows that MKR has bounced off a key demand area that could spark a major rally. 🚀

This zone, between $1,220.29 and $1,258.43, saw a record 237,880 MKR traded, worth about $299 million. That’s a lot of coin, and it’s fueling the current uptrend. 🤓

When you see such heavy buying, it often means a price surge and volume spike are on the horizon, hinting at an impending market rally. 🌠

On the chart, MKR looks ready to break out of a symmetrical triangle, following the big buy orders. If it breaks this resistance, it could surge 41% to $1,800. Talk about a dream come true. 🌈

A symmetrical triangle forms when support and resistance lines converge, creating a consolidation phase. Once it breaks out, it usually leads to a strong move in one direction. 🛡️

Derivatives traders are loading up on longs

Market sentiment is bullish, especially in the derivatives market, where traders are opening more long positions, hoping for a breakout. 🤑

Data from Coinglass shows that MKR’s Open Interest (OI) has steadily climbed to $87.80 million in the past 24 hours. More open contracts mean more excitement. 🎉

The rising Funding Rate suggests that these contracts are heavily skewed towards long positions. The aggregated Funding Rate, at 0.0088%, means long traders are paying a premium to short sellers to keep their positions open. Bullish behavior, anyone? 🦮

Profit-taking could dampen MKR’s spirits

While the market is generally bullish, some spot traders are taking profits, as shown by the exchange netflow turning positive. 🤑

The netflow metric shows that 989.63 MKR (worth $1.2 million) was sold. However, this selling pressure is low compared to the recent buying activity, suggesting that traders are cashing in a bit while holding onto most of their positions. 📉

If selling continues and more assets are offloaded, it could signal a shift towards bearish sentiment. But for now, MKR is still bullish and aiming for $1,800. 🦁

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2025-03-25 04:10