Why MKR is Gaining Momentum (And You Should Probably Care!)

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Well, look who’s back from the crypto abyss—Maker (MKR), the governance token of the MakerDAO and Maker Protocol, has managed to pull itself out of the trenches, shooting up more than 7% in the past 24 hours! It reached a dazzling $1,198.28, probably making its holders do a little happy dance. But don’t get too excited just yet, it’s still down 81.22% from its all-time high of $6,339.02—talk about a rollercoaster ride. Buckle up, folks! 🎢

Open Interest at 1.5-Year Low

So, here’s where it gets interesting. Despite the entire crypto market taking a nosedive (we’re talking about Bitcoin 🥴), MKR has still managed to buck the trend. Bitcoin, the market’s drama queen, couldn’t break $100,000 and dropped to a sad $95,000. Meanwhile, MKR is over here flexing with a price bump, like the underdog no one saw coming. But wait—there’s more! The chart below shows negative funding for altcoins. Basically, short traders are getting a little too comfy paying fees, which could lead to a glorious short squeeze if MKR keeps going up. Who doesn’t love a good squeeze? 🍋

Oh, and did I mention that MKR’s Open Interest has hit a 1.5-year low? Fewer leveraged positions, people. This rally isn’t some risky, levered-up mess—it’s all spot buying, which could make this run a little more sustainable than those wild, derivative-driven pumps that tend to crash harder than your Wi-Fi during a Zoom meeting. 📉

MKR Price Analysis

Here’s where things get technical (brace yourself): Analyst Ali Martinez is saying that MKR had a glorious 24% rally after the TD Sequential indicator flashed a “9” buy signal. Translation: a potential trend reversal might be on the way. Next stop? $1,220, where MKR will probably face some selling pressure, but who knows—maybe it’ll break through! Keep your eyes peeled 👀.

MKR’s looking pretty healthy, and that sweet upward momentum might just continue if volume supports it. And get this—the chart below, courtesy of TradingView, shows that the RSI line is sloping up like an eager beaver ready to break into a sprint. 🏃‍♂️

Source: TradingView

Now, the Moving Average Convergence Divergence (MACD) indicator is looking as bullish as a gym bro on protein powder. The MACD line (blue) crossed above the signal line (orange)—this is basically crypto for “good times ahead.” Plus, the MACD histogram is showing some intense demand for MKR, which is like the market saying, “Yes, we want more of that!”

And don’t forget the 20-day Exponential Moving Average (EMA)—it’s now sitting at $1,051. If MKR can hold above this level and turn it into support, well, my friends, we could see that $1,220 resistance level crumble like a cookie in a toddler’s hands. 🍪

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2025-02-19 14:05