[Maker (MKR) may rise 30%]
The cryptocurrency market has recovered over the past few days, with Maker (MKR) showing a bullish trend. MKR recently broke out of an "inverse head and shoulders" price pattern, attracting investors' attention. This pattern emerged at the bottom of support and formed above the 200-day exponential moving average (EMA) on the weekly chart, changing the market's sentiment towards MKR.
If MKR breaks through $1,685 and stabilizes above this price, its price is expected to rise another 30% to $2,200 in the next few days. Currently trading close to $1,700, MKR is up more than 6% in the past 24 hours and has seen a massive 70% increase in trading volume, showing increased market participation.
On-chain indicators show MKR’s long-short ratio at 1.031, reflecting the bullish sentiment among traders. Meanwhile, open interest in MKR has increased by 16% in the past 24 hours, indicating continued rising interest.
Putting this data together, the market bulls are currently in the driver’s seat, suggesting a significant move higher for MKR in the coming days.
