- In the last seven days, MKR has surged by 6.17% defying current market odds.
- With increased whale activity, MKR’s buying pressure has pushed price up.
MakerDAO [MKR] has continued to surge in the last seven days despite market volatility. As of this writing, MKR gained 2.o1% over the past 24 hours..
MKR’s sustained surge amidst the decline in the crypto market has brought about speculations regarding the forces behind the development.
Firstly, the surge results from trading activities pushed by smart money accumulation. In a post shared on X, IcryptoAI stated,
” $MKR topped the list of accumulation by Smart Money in the past 24 hours.”.
IcryptoAI further explained that,
“Currently, the wallet is holding 100.81 $MKR ($256.86K). Additionally, the wallet also holds 1.59K $DMT ($144.93K)”.
These activities by whales and the continued market surge have left various crypto analysts speculating over MKR’s future market outlook.
For instance, crypto analyst, @market maker predicts a rally towards $4k.
He added that,
“Forming Falling Wedge Also Testing Horizontal Resistance Incase Of Falling Wegde+ Horizontal Resistance) Breakout Expecting Sharp Bullish Rally Towards 4000$.”
These analysts base their prediction on that Mkr has formed a perfect falling wedge in a daily time frame and is trying to clear it. Thus, we will see a massive rally in the case of successful breakout and retest.
What do MKR fundamentals indicate?
MKR reported a Money Flow Index (MFI) of 72 at press time. The MFI of 72 shows a higher buying pressure, which is substantial relative to selling activities. An MFI at this level is a bullish signal and shows that the uptrend might continue.
Source: Tradingview
Equally, MKR has an RSI of 55 above its RSI-based MA of 45, which indicates that a bullish market trend is well-positioned to continue.
Cross RSI-based MA from below shows a strong upward momentum with increased buying pressure when the RSI rises.
Also, MKR’s positive Chaikin Money Flow (CMF) at 0.15 indicates higher buying pressure, resulting in accumulation. A positive CMF shows buyers are dominant, which is a bullish signal and a positive market sentiment.
Source: Tradingview
Looking further, AMBCrypto’s analysis of Santiment shows the coin has an MVRV Ratio of 38.42% as of the time of writing.
MVRV ratio at this level shows that holders enjoy 38.42% profit compared to the buying price. Thus, the market is healthy, with investors gaining without going to extreme levels that might lead to a sharp correction.
Source: Santiment
Additionally, our analysis indicates MKR has experienced a rising open interest per exchange. In the last 7 days, MKR’s open interest per exchange has surged from a low of $45.8 million to a higher of $61.48 million.
The rise in open interest per exchange implies more market activity and participation. Increased market activity shows confidence in MKR’s direction and stability, which is a bullish signal.
Source: Santiment
How far will Maker surge?
At press time, MKR was trading at $2600.76, and the market outlook remains positive, as indicated by various indicators such as CMF.
How much are 1,10,100 MKRs worth today?
MFI and RSI suggest that bullish market will continue, subject to the continuity of the current momentum. Thus, if the positive momentum is maintained, MKR could reach the next resistance level around $2738 and later get the highly awaited $3000.
However, if the market experiences correction, it will find support around $2503 and a further decline to $2403.
