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Market Cap $2,674,538,270,428.18
Bitcoin Share 49.84%
24h Market Cap Change $-1.26

Maker [MKR] stalls at this key Fib level — will its rally sustain?

2min Read

Is the current buying pressure around Maker strong enough for MKR to mount a sustained bullish rally?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • MKR rebounded from the recent retracement to sustain its uptrend.
  • Flipping the 23.6% Fib level on the daily timeframe remained key for sustained gains.

Maker [MKR] sustained its impressive run as one of the best-performing cryptocurrencies over the past seven days. According to Coinmarketcap, MKR was among the top five tokens with gains of over 10%.


Realistic or not, here’s MKR’s market cap in BTC terms


If Maker retains its bullish market structure, these short-term gains could translate to a long-term bullish run.

MKR’s rebound fueled by steady demand at key Fib level

Maker MKR price chart on dark background

Source: MKR/USDT on Trading View

Maker’s 19% pump on 31 August led to a bullish crossover on the Moving Average Convergence Divergence (MACD) indicator. With the 38.2% Fib level ($1,042) providing support, bulls curtailed the retracement from the $1,370 price zone.

While the short-term pump sustained MKR’s uptrend, the price stalled at the 23.6% Fib level ($1,167). This saw the Relative Strength Index (RSI) falter at the neutral 50 mark, revealing decent buying pressure.

Despite the slight pullback at the 23.6% Fib, the On Balance Volume (OBV) showed that there was still active demand for MKR, as it maintained its upward trajectory.

From the current price level, bulls would be looking to break above the 23.6% Fib and push on to the $1,300 to $1,370 price zone. This price level was last seen by bulls in early August. Bears on the other hand will be counting on further price rejections at the 23.6% Fib. This could force prices toward the 38.2% Fib ($1,042) and 50% Fib ($940).

Marginal edge for buyers in the futures market

Source: Coinglass

The exchange long/short ratio showed a slim advantage for longs in the derivatives market. Longs held open contracts worth $58.58 million, amounting to a 50.64% share.


Read Maker’s [MKR] Price Prediction 2023-24


Despite MKR’s bullish leaning, investors/traders should adopt a cautious approach to its long-term price action, due to its tendency for sudden price movements.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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