While cryptos remain weak amid pessimistic macro developments, Maker (MKR) displayed resilience with substantial price gains over the past week.
The altcoin trades at $1,196 after gaining 10% and over 25% in the past day and week.
On-chain data indicates continued gains as Maker’s record high daily revenue on Feb 10 bolstered the alt’s strength.
MakerDAO rebranded to Sky Network in August 2024
Maker’s bullish on-chain and technical indicators
While the crypto space battles uncertainty, MKR exhibits an optimistic trajectory.
Maker’s daily revenue skyrocketed to yearly highs on Feb 10 as the project generated $10 million in returns.
The surged revenue likely kept the altcoin’s price afloat amid the prevailing bearish markets.
The OI-Weighted Funding Rate stats support the optimism, with more traders executing long bets (Coinglass data).
The metric measures trader sentiments, where positive rates indicate bullishness and negative bearishness.
MKR’s OI-Weighted Funding Rate is 0.009% – a bullish bias and conviction in more price gains.
The daily Relative Strength Index supports the upside narrative as its 59 reading indicates more room for upward price actions.
Also, the Moving Average Convergence’s latest bullish crossover with the signal line highlights adequate momentum for extended gains.
MKR price action
The alt has exhibited an upside trajectory since breaking above a falling trendline on Feb 12.
A candle closing beyond the line triggered a swift 10% surge past $1,023.
MKR extended to $1,196 at press time, with significant increases in 24-hour trading volume suggesting continued upswings.
Bulls target the daily resistance zone at $1,700, an over 40% gain from current prices.
Meanwhile, broad market sentiments will determine MKR’s trajectory in the upcoming sessions.
Continued bear dominance could delay the anticipated surges, welcoming extended declines or consolidations.
Crypto market overview
Cryptocurrencies displayed weakness on Wednesday as Bitcoin plunged to $93K before rebounding to $95.65K at press time.
Various risk factors that have reduced investor interest contribute to the prevailing crypto market underperformance.
Digital assets started feeling the heat after Donald Trump’s tariffs on China, Canada, and Mexico.
The hawkish remarks from the US Fed (which signaled no imminent rate cuts) added to the downward pressure.
Also, the latest pump-and-dump schemes involving political figures have ruined sentiments in the marketplace.
Meme tokens face immense criticism following LIBRA’s fallout, which has shaken the Argentine political scene.
The Fear and Greed Index displays “fear” at 37, signaling faded investor confidence in cryptocurrencies.
Nevertheless, analysts remain bold despite the latest flash dip.
Michael van de Poppe believes Bitcoin and altcoins’ performances echo previous bull runs.
#Bitcoin drops and takes liquidity.
Good part: #Altcoins start to bounce up during this correction against Bitcoin.
I’ve only seen this in the previous bull cycle.
Nonetheless, most of the coins are irrationally undervalued due to multiple circumstances.
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Nevertheless, trader and investor caution remains paramount as sentiments display overwhelming negativity.
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