Maker (MKR): Everything About the 75% 10-Day Surge

Maker (MKR) has seen a significant upward move long ago due to the prevailing market conditions, especially over the past two months. Nevertheless, Maker bulls signaled their presence, leading to an impressive relief rally within the past ten days.

Your Plans for MKR?

The past ten days had MKR on a staggering 75% upswing. That propelled the alternative token from the $0.73 monthly low to the high of $1.34.

Nevertheless, Maker saw a slight drop to $1.158 at this publication. The current levels have the token exploring levels seen before the May 2022 crash.

Evaluating Maker’s price movements shows the token traded inside a long-term descending channel. Upswings within the past two weeks came after MKR interacted within a descending support barrier.

Moreover, the asset’s price actions revealed a substantial accumulation around the support zone. That triggered a notable buying volume increase.

Moreover, the massive buying momentum received support from Money Flow Index and the Relative Strength Index as they exhibited oversold conditions in mid-June.

MKR saw massive sell-offs during the month’s initial half. Also, the enormous accumulation while inside the oversold region aided the immense recovery of MKR bulls.

The Relative Strength Index near the 50-neutral now yields resistance, highlighting some profit-booking after crossing above the lows of May.

Also, that means the current level catalyzes increased uncertainty as far as price direction is concerned. Moreover, May lows could also reveal the view that Maker still trades at discounted prices. Luckily, on-chain metrics might offer more clarity as to where the cash is flowing.

Can Bulls Scare off MKR Bears

Active addresses within the past two weeks plummeted from the 415 highs on June 15 to 259 on June 26. The figure stayed constant during this publication, though the sending and receiving addresses recorded brief changes.

For instance, sending addresses surged to 175 from 174, whereas receiving ones climbed to 194 from 190 within 24 hours.

Receiving addresses exceeded sending addresses. Though it might be too low to ensure consequences, they could mean substantial effects upon moving large amounts. Exchange flows could confirm the transacted MKR token amounts.

Moreover, Galssnode’s exchange inflow metric declined from June 26 at 88.48 to 422.56 on June 27. On the other hand, the exchange outflow index witnessed a sharp increase to 4,551 MKR from 553.84 MKR over the period.