CandleFocus MKR Price Stalls Near $1600: Can It Fend Off Further Decline?
2024-09-23
Author: Content Editor
The Maker (MKR) crypto price has rebounded by $1450 since September 17 but has yet to break out of its consolidation pattern. The price has been trading below a descending triangle line since July 17 and reached a four-month low of $1440 last week. Despite improved market sentiments, demand for MKR remains subdued and it hovers in a tight range. A break above the $1700 mark could lead to a significant upswing. Technical indicators show slightly bullish signs, but the Relative Strength Index (RSI) indicates a slightly pessimistic outlook. Social dominance measures indicate increased discussions about MKR, but investors still lack confidence in buying at current price levels. Funding rates and futures open interest suggest traders are making long positions and anticipating a rise in the coming sessions. Immediate support and resistance levels are placed at $1500, $1420, $1660, and $1780.
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