Maker: Are buyers regaining control of MKR?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- MKR’s reversal eased above $1350.
- Futures market demand was low at press time.
Maker’s [MKR] market was a seller’s paradise in early October. After another price rejection at the range-high of $1592 on 1 October, sellers grabbed over 10% gains. It dropped MKR to a confluence area of a range-low and price imbalance area near $1350.
Read Maker’s [MKR] Price Prediction 2023-24
In a previous MKR price prediction on 2 October, AMBCrypto was bullish on the asset after hitting a new 2023 high of $1650. The projection suggested $1650 as the next likely target, but sellers maintained their resilience, derailing the bullish momentum at the range-high.
Maker bulls regained control
The price action chalked an ascending channel on the higher timeframe (HTF) charts. The late September rally left a price imbalance and FVG (Fair Value Gap) of $1325 – $1405 (white) on the daily chart.
Below the FVG was a daily bullish order block (OB) of $1261 – $1306 (cyan). The recent reversal eased at the confluence of the FVG and range-low, as shown by the 4H chart. It shows bulls regained control at the confluence area.
So, a rebound towards the mid-range around $1525 was likely. The mid-range also had a confluence with an H12 bearish OB formed during the price rejection on 1 October.
But the RSI faltering at the 50-mark could thwart bullish momentum. Besides, the OBV retreated and did not recover strongly at press time. Collectively, the readings suggest that buying pressure was mild amidst weak demand.
How much are 1,10,100 MKRs worth today?
Maker’s Futures market demand was muted
According to Coinglass, the CVD (Cumulative Volume Delta) declined in the past few days but steadied at press time. This meant that sellers extended market leverage in the past four days, but both sellers and buyers had no absolute edge at the time of writing.
The Open Interest rates also dipped over the past few days, denoting the Futures market demand for MKR eased. But there was a slight surge at press time, indicating renewed interest at the range-low.