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MKR up +20% in September: Are more gains likely?

2min Read

Bulls can seek more ground if MKR defends $1400, but massive profit making can happen at $1600-$1650.

MKR up +20% in September: Are more gains likely?

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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 retreated from the $1600 level at press time.
  • Key buy and sell interests existed at $1350 – $1400 and $1650.

Unlike Bitcoin’s [BTC] muted action in Q3, Maker [MKR] investors have been cashing in. In Q3, BTC was down 10% as of press time, while MKR posted 77% gains, per TradingView. In September alone, MKR was up +25%, based on the press time value of $1477. 


Is your portfolio green? Check out the MKR Profit Calculator 


However, the altcoin eased slightly into the weekend (30 Sept/1 Oct), dropping from $1600 to below $1500 at publication time. 

Are more gains likely?

Maker

Source: MKR/USDT on TradingView

The extra rally from 25 September left a price imbalance and FVG (Fair Value Gap) of $1326 – $1400 (white) on the daily chart. 

On the 4-hour chart, the price imbalance aligned with the dynamic 50-EMA (Exponential Moving Average). The 50-EMA has acted as a dynamic support since mid-September and could make the confluence a bullish zone for lower timeframe players. 

So, MKR’s extra pullback could ease at $1326 – $1400 and re-target the $1600 recent high or $1700. But the bulls must reclaim $1500 before moving forward. 

Conversely, a price drop below the confluence zone will flip the H4 market structure bearish and could tip sellers for leverage to devalue MKR. 

But sell pressure eased, as shown by the sideways movement of the RSI above the 50 mark after a drop. However, the CMF extended southward movement, denoting extra capital outflows.

Massive sell limit orders at $1650

Maker

Source: Mobchart

On Mobchart, a real-time order book tracking platform, significant sell limit orders were placed at $1650, as shown by the extra-long red line. 


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


On the buyer side, considerable buy limit orders were placed between $1350 – $1400, as shown by green lines. The range is the confluence zone described above, which could ease further pullback. 

The negative Open Interest rates and volumes in the futures market at press time captured the recent price drop.  But more short positions were wrecked within four hours before press time, indicating that the bulls attempted to defend the $1400 level. 

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Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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