- Well, bless my soul! MKR’s recent escapades show market gains as large transaction volume climbs, along with a flock of active addresses.
- Now, don’t get too comfy; a slight pullback might be lurking just around the corner as the RSI tiptoes into the overbought zone.
Now, let me tell you, Maker [MKR] has been strutting its stuff in the market like a rooster in a henhouse, even while the broader crypto market is having a bit of a sulk. In the past 24 hours, it’s shot up by a whopping 23% to about $1,727. Can you believe it?
This is just a continuation of the bullish trend it kicked off last week, which has cumulatively leaped by 42%. It’s like watching a cat chase a laser pointer—exciting and a little unpredictable!
Recent interest from those big-shot investors, who seem to have more money than sense, has added fuel to this ongoing rally. They’re like kids in a candy store, and their current efforts are making quite the ruckus.
Large transactions see a jump
After a spell of sulking, large transactions have started to rise like bread in a warm oven as investors with deep pockets begin to scoop up the asset.
In the past 24 hours, this merry band has purchased 31,000 MKR, which amounts to a jaw-dropping $47 million at the time of analysis. That’s a whole heap of dough!
When you see a surge in trading volume like this, and it’s accompanied by a price increase, it’s a sure sign these investors are feeling pretty chipper about the asset.
This surge was accompanied by a growth in daily active addresses, a fancy term for measuring how many traders are getting their hands dirty with the token. A rise in DAA means more folks are joining the party!
Data from IntoTheBlock shows that active addresses have increased by 52% in the past week, meaning interest has been growing like weeds in a garden alongside the price increase during this period.
A brief pause before a rally
MKR’s rally, while still riding high, might take a little breather before it continues its upward journey. Right now, the asset has broken through a descending resistance line pattern on the chart, hinting at a possible rally to the peak. It’s like a rollercoaster that’s just hit the top of the first hill!
If the rally picks up from this price level, MKR could gain a staggering 126%, reaching a new high of $3,893, as indicated on the chart. But hold your horses—there’s a chance this breakout could be a fakeout, just like that time I thought I saw a ghost in my attic!
A closer look at the Relative Strength Index (RSI) indicator suggests this could be a fakeout. The RSI has crossed into the overbought region, meaning the asset is likely to take a little dip. It’s like a dog chasing its tail—fun to watch, but it can’t keep it up forever!
As seen on the chart, the possible drop would lead to a support level at $1,486. If that support level holds strong, MKR would likely continue its upward trajectory, reaching the set target of $3,893 as sentiment strengthens. It’s a wild ride, folks!
Bullish sentiment strengthens the narrative
The bullish sentiment among DeFi traders suggests the decline is likely just a brief pause in the ongoing market rally. It’s like a pit stop in a race—necessary, but not the end of the road!
At the moment, long traders in the market have continued placing buy bets, and the Funding Rate remained considerably high at 0.0291%, as indicated by Coinglass. When there’s a surge like this, it implies that long traders have strong conviction in their positions and are paying a premium fee periodically to maintain them
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2025-02-26 18:19