Friday, February 3, 2023
 

Investors Ought to be Watchful, MakerDAO (MKR) Technical Indicators Predict

  • Technical indicators alert traders to potential risks.
  • MKR prices soar to $652.01 as bullish dominance continues.
  • The goal of MakerDAO [MKR] to provide its users with better incentives appears to have shifted.

MakerDAO (MKR) prices started the day at $646; since then, the market has witnessed higher lows and higher highs, peaking at $657.19 for its intraday high and touching an intraday low of $639.21

Bullish preponderance prompted MKR prices to surge by 0.85% to $652.01.

Given a potential agreement with Optimism [OP], MakerDAO’s [MKR] goal of enabling its users to receive greater incentives appears to have changed. The Maker ecosystem may benefit from the strategy, but its Total Value Locked (TVL), which as of press time stood at $6,614,883,324, hasn’t really adjusted.

MKR/USD 24-hour price chart (source: CoinMarketCap)

Traders can predict when an uptrend will turn into a slump by looking at the zero line. A price hike is certified by a move above zero, while a price decrease is affirmed by a move below zero. Since the Klinger Oscillator has now crossed the “0” line with a reading of 10 on the MKR 1-hour price chart, it is projected that prices will climb in the MakerDAO.

This bullish momentum is corroborated by the trend of the shorter-term MA above the longer-term one. This condition is mirrored by the 20-day MA touching 647, while the 5-day MA hits 651. The notion that bulls are in the driver’s seat is supported by the price movement, which exceeds both MAs.

MKR/USD 1-hour price chart (source: TradingView)

In the TRIX indicator, a positive score indicates an increase in momentum, while a negative value indicates a decrease in momentum. Traders continue to be concerned that bears may seize control of the market due to the TRIX reading of -0.37, which indicates a sell signal when it goes below the zero line, and the downward momentum in MKR.

With a value of 64.23, the Money Flow Index (MFI) shows that it is neither overbought nor oversold. By predicting that the MKR prices will probably continue to move in a positive trend, this MFI rating gives bulls the edge.

MKR/USD 1-hour price chart (source: TradingView)

In conclusion, the bulls need to hold the resistance level and drive up prices to maintain the MKR trading pattern’s upward trajectory.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss. 

  • Technical indicators alert traders to potential risks.
  • MKR prices soar to $652.01 as bullish dominance continues.
  • The goal of MakerDAO [MKR] to provide its users with better incentives appears to have shifted.

MakerDAO (MKR) prices started the day at $646; since then, the market has witnessed higher lows and higher highs, peaking at $657.19 for its intraday high and touching an intraday low of $639.21

Bullish preponderance prompted MKR prices to surge by 0.85% to $652.01.

Given a potential agreement with Optimism [OP], MakerDAO’s [MKR] goal of enabling its users to receive greater incentives appears to have changed. The Maker ecosystem may benefit from the strategy, but its Total Value Locked (TVL), which as of press time stood at $6,614,883,324, hasn’t really adjusted.

MKR/USD 24-hour price chart (source: CoinMarketCap)

Traders can predict when an uptrend will turn into a slump by looking at the zero line. A price hike is certified by a move above zero, while a price decrease is affirmed by a move below zero. Since the Klinger Oscillator has now crossed the “0” line with a reading of 10 on the MKR 1-hour price chart, it is projected that prices will climb in the MakerDAO.

This bullish momentum is corroborated by the trend of the shorter-term MA above the longer-term one. This condition is mirrored by the 20-day MA touching 647, while the 5-day MA hits 651. The notion that bulls are in the driver’s seat is supported by the price movement, which exceeds both MAs.

MKR/USD 1-hour price chart (source: TradingView)

In the TRIX indicator, a positive score indicates an increase in momentum, while a negative value indicates a decrease in momentum. Traders continue to be concerned that bears may seize control of the market due to the TRIX reading of -0.37, which indicates a sell signal when it goes below the zero line, and the downward momentum in MKR.

With a value of 64.23, the Money Flow Index (MFI) shows that it is neither overbought nor oversold. By predicting that the MKR prices will probably continue to move in a positive trend, this MFI rating gives bulls the edge.

MKR/USD 1-hour price chart (source: TradingView)

In conclusion, the bulls need to hold the resistance level and drive up prices to maintain the MKR trading pattern’s upward trajectory.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss. 

 

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