MKR is showing strong growth momentum after breaking a bullish pattern, although it is facing minor resistance.
Market indicators suggest high interest from traders, with increased buying activity reflecting confidence in further growth.
In the past 24 hours, Maker [MKR] has increased by 11.20%, reaching 1,416.32 USD at the time of reporting. Indicators such as the Funding Rate and Open Interest (OI) suggest that the upward momentum may continue.
Steady accumulation reflects sustainable demand from the market.
Can MKR achieve 54% growth?
Since August, MKR has traded within a declining resistance range, limiting upward growth. Recently, it broke this pattern, increasing market capitalization by 11.48% to 1.24 billion USD.
At the time of reporting, MKR is facing resistance at 1,418, where strong selling pressure has emerged. However, if it surpasses this level, MKR could see a significant increase of 56.91%, heading towards 2,203 USD.
If selling pressure increases, MKR may see a slight correction, testing support near 1,102 USD, where buying interest has previously been strong.
Source: TradingView
TinTucBitcoin's analysis of broader market activity shows an optimistic outlook for MKR.
Buy orders support the upward trend
Trader buy orders are supporting MKR's upward momentum, driving significant increases in the market.
In the past 24 hours, the OI of MKR has increased by 13.67% to 120.30 million USD according to Coinglass, signaling a gradual dominance from optimistic traders.
OI tracks the volume of unresolved derivative contracts, and the increase indicates that long-term traders are holding more positions, potentially pushing asset prices up.
Additionally, the Funding Rate, which measures which side of the market is maintaining positions to balance the spot and futures markets, is also being driven by long-term traders.
According to the latest data, the Funding Rate reached 0.0211%, a notable increase, indicating that optimistic sentiment is strengthening.
Source: Coinglass
If this trend continues, it indicates the potential for continued growth as long-term traders expect higher profits.
The accumulation phase is progressing
The breakout of this coin is confirmed when its Accumulation/Distribution Line breaks through a key resistance level, setting the stage for continued growth.
After this breakout, increased accumulation is expected, which could further drive profits as MKR continues its upward trend.
Source: Trading View
This sustained buying interest is expected to have a positive impact on asset prices.
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