Maker (MKR) shows mixed signals on its weekly chart, trading within a falling broadening wedge pattern. While monthly fees and revenues hit record highs, the altcoin's price remains under pressure. Key indicators like the Chaikin Money Flow (CMF) and Awesome Oscillator (AO) suggest bearish momentum. Analysts highlight potential support at $1,440-$1,480 and resistance at $1,700. Breaking above the upper boundary of the wedge pattern could propel MKR towards its 2024 high.
MKR’s weekly chart shows mixed signals as the altcoin traded within a falling broadening wedge pattern., at press time, traded at $1,523 after a slight 0.58% drop in 24 hours. The token has failed to match the performance of top altcoins this year.
, monthly fees on the network have hit a fresh record of over $40 million, while monthly revenues have surpassed $26 million.If this growth continues, it could bode well for MKR’s price. However, the altcoin’s weekly chart shows mixed signals.Maker has been trading within a falling, broadening wedge pattern on its weekly chart. This pattern often suggests that the selling pressure is weakening, setting the stage for a bullish reversal.
In fact, the CMF has been oscillating in the negative region for five months, an indication that sellers have been in control of the price action.The Awesome Oscillator also showed that the momentum remained bearish due to the negative histogram bars. Data from Coinglass showed that speculative activity around MKR has waned due to the falling open interest.
Maker (MKR) Cryptocurrency Price Analysis Technical Indicators Bullish Reversal
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