MKR up +20% in September: Are more gains likely?

Posted: September 30, 2023

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.

• MKR retreated from the $1600 stage at press time.
• Key purchase and promote pursuits existed at $1350 – $1400 and $1650.

In contrast to Bitcoin’s [BTC] muted motion in Q3, Maker [MKR] buyers have been cashing in. In Q3, BTC was down 10% as of press time, whereas MKR posted 77% positive aspects, per TradingView. In September alone, MKR was up +25%, primarily based on the press time worth of $1477. 

Is your portfolio inexperienced? Take a look at the MKR Revenue Calculator 

Nevertheless, the altcoin eased barely into the weekend (30 Sept/1 Oct), dropping from $1600 to beneath $1500 at publication time. 

Are extra positive aspects seemingly?

Supply: MKR/USDT on TradingView

The additional rally from 25 September left a worth imbalance and FVG (Truthful Worth Hole) of $1326 – $1400 (white) on the each day chart. 

On the 4-hour chart, the value imbalance aligned with the dynamic 50-EMA (Exponential Shifting Common). The 50-EMA has acted as a dynamic help since mid-September and will make the confluence a bullish zone for decrease timeframe gamers. 

So, MKR’s further pullback may ease at $1326 – $1400 and re-target the $1600 latest excessive or $1700. However the bulls should reclaim $1500 earlier than transferring ahead. 

Conversely, a worth drop beneath the confluence zone will flip the H4 market construction bearish and will tip sellers for leverage to devalue MKR. 

However promote strain eased, as proven by the sideways motion of the RSI above the 50 mark after a drop. Nevertheless, the CMF prolonged southward motion, denoting further capital outflows.

Large promote restrict orders at $1650

Supply: Mobchart

On Mobchart, a real-time order e-book monitoring platform, vital promote restrict orders had been positioned at $1650, as proven by the extra-long crimson line. 

Learn Maker’s [MKR] Value Prediction 2023-24

On the customer facet, appreciable purchase restrict orders had been positioned between $1350 – $1400, as proven by inexperienced traces. The vary is the confluence zone described above, which may ease additional pullback. 

The unfavorable Open Rates of interest and volumes within the futures market at press time captured the latest worth drop.  However extra brief positions had been wrecked inside 4 hours earlier than press time, indicating that the bulls tried to defend the $1400 stage.