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MKR’s Buying Momentum Accompanies Decreasing Volume, Will it Hit $1000?

Published 19/07/2023, 15:22
MKR’s Buying Momentum Accompanies Decreasing Volume, Will it Hit $1000?

  • MKR experienced high accumulation since the Maker’s founder sold other tokens to buy MKR.

  • Increasing RSI and decreasing volume could lead MKR into consolidation.

  • The direction strength was weak, prompting a possibility to fall back to $950.

Maker’s (MKR) performance in the last 24 hours has been worthwhile for traders who open long positions. In the early hours of July 18, MKR exchanged hands around $903. But according to CoinMarketCap, a 7.53 % hike, coupled with a surge in volume, drove the token to $978.33.

For some, MKR’s rise might not be surprising. This is because MakerDAO founder Rune Christensen sold some of the protocol’s stablecoin DAI to purchase MKR on July 16. A day after his action, Christensen then turned to Lido DAO Token (LDO) and sold 13.57 million of the token to buy MKR.

Usually, this…

The post MKR’s Buying Momentum Accompanies Decreasing Volume, Will it Hit $1000? appeared first on Coin Edition.

The post MKR’s Buying Momentum Accompanies Decreasing Volume, Will it Hit $1000? appeared first on Coin Edition.

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