The current crypto winter is continuing to be volatile and full of bearish and bullish trends turning cryptocurrencies upside down within the space of 24 hours.
The current technical indicators have warned traders of potential dangers.
MKR prices surge to $652.01 as a bullish trend continues to dominate the market on the last day of this weekend. The mission of MakerDAO [MKR] to provide its users with lucrative incentives seems to be a bit wavered.
MakerDAO (MKR) begin trading at $646; since then, the market has experienced rapid fluctuations higher lows, and higher highs.
MakerDAO within 24 hours timeframe touched the peak at $657.19 and hit the low at $639.21. MKR prices increased by 0.85% to $652.01 due to a bullish majority.
Given a Possibility of Agreement with Optimism [OP]
MakerDAO’s [MKR] focus on providing additional incentives to its users appears to have shifted. The Maker ecosystem may gain from the plan.
But its Total Value Locked (TVL), which stood at $6,614,883,324 at press time, hasn’t changed much.
According to the 24-Hours Price Chart of MKR/USD (source: CoinMarketCap)
Investors can use the zero line to determine when an upswing will turn into a downturn. A move over zero indicates a price increase, whereas a move below zero indicates a price drop
Prices of MakerDAO are expected to rise now that the Klinger Oscillator has surpassed the “0” line with a value of 10 on the MKR 1-hour price chart.
Short-term MA exceeding long-term MA is a clear indication of a bullish trend’s existence in the market regarding the prices of MKR.
The 20-day moving average has reached 647, while the 5-day moving average has reached 651. The price movement, which exceeds both MAs, supports the view that bulls are in control.
According to the 1-Hour Price Chart of MKR/USD (source: TradingView)
A positive number in the TRIX indicator shows an increase in a bullish trend, whereas a negative value represents a reduction in momentum.
Traders are afraid that bears may grab control of the market because of the TRIX reading of -0.37, which signifies a sell signal when it falls below the zero line and the downward momentum in MKR.
The Money Flow Index (MFI) has a value of 64.23, indicating that it is neither overbought nor oversold.
This MFI rating offers bulls an advantage by forecasting that MKR prices will likely continue to rise.
To summarize, bulls must grab a strong hold on the resistance level. Only then bulls can force prices higher to keep the MKR trading pattern on an upward track.
Even though the market seems intermingled between high and low, few traders have earned staggering returns on their investments.