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Maker: Does the short term rise bring MKR to 1,500 USD?
Maker DAO [MKR] has risen 6.7% in the past week. This figure could reach nearly 20%, but due to Bitcoin [BTC] falling sharply on Saturday, the price of MKR has decreased by 11%.
It is very likely that Maker DAO will continue the upward trend in the coming days.
Buy signals indicate positive prospects
The 1-day chart shows that MKR has a trading structure in a downward trend and a sub-structure in an upward trend. Both are analyzed through the peaks and troughs in trading.
The oscillation structure refers to the long-term trend, which has the potential to determine the trend in the coming months. After a strong rise at the end of February to above 1,635 USD, this sub-structure is still active.
The bullish substructure is still ongoing but will be broken if the price falls below 1.115 USD. Therefore, investors have reason to be cautiously optimistic. OBV also agrees with this outcome.
OBV shows stable buying pressure over the past month. The adjustment to 1.115 USD at the beginning of March did not significantly affect the buyers.
In the past three weeks, buying pressure has re-emerged as the price of Maker DAO recovered from 1,115 USD to 1,309 USD.
The MACD has also just crossed the zero line, but only just. Therefore, it does not show a clear upward momentum on the daily chart.
The Fibonacci levels also support analysis. When the price can exceed the 78.6% level at 1,273 USD, this is a signal indicating the potential for a recovery.
However, due to the downward trend in trading structure, investors need to be prepared to take profits and cut losses quickly if buying pressure starts to fall.
The liquidation heat map shows that the next target is 1,500 USD, as this is a strong interaction zone. The 1,160-1,180 USD level is also an area that could attract price limitations at lower levels.
Unless taking a loss on Saturday, MKR has maintained a short term rise over the past few days. This short term upward trend may take over and bring the price back to the 1,500 USD level once again.
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