![Maker [MKR] posted an extra 10% gain – Is November high reachable?](https://i.headtopics.com/images/2023/2/10/cryptoamb/maker-mkr-posted-an-extra-10-gain-is-november-high-maker-mkr-posted-an-extra-10-gain-is-november-high-1623933029688156161.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion MKR mounted above its bullish flag but faced a price rejection at press time. Demand remained stable, but BTC’s price action could determine MKR’s price direction. Maker [MKR], at press time, was closer to its […]
MKR’s price action in January formed a bullish flag pattern – implying a high chance of a further rally. Indeed, MKR broke above it and posted another 10% gain on top of the January rally. But the token faced price rejection at $823 and flashed a red signal by the time of writing.Notably, the altcoin could strive to break above the $823 level because the Relative Strength Index denoted a bullish market structure.
A drop below $690 would invalidate the bullish bias described above. The plunge could be accelerated if BTC falls below $22.5K. But bulls may find a steady hold at the $634 level in such a scenario.As per Santiment, MKR saw an accumulation trend as demand for the asset increased. Notably, MKR’s supply on exchanges dropped at press time, indicating limited sell pressure.
If the trend is sustained, MKR could attempt to retest or break above the $823 resistance level. In addition, the daily active addresses rose in the past few days, showing that more accounts exchanged MKR tokens.
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