MKR Bulls Face Critical Selling Pressure Zone: Is the Rally Over?

• Maker [MKR] has seen an impressive 45% gain in the past few weeks, rising from $504 to $746.
• However, MKR is currently facing a critical selling pressure zone at $720 which could attract more bears and drive down MKR’s prices.
• Short-term MKR holders have seen gains, but long-term holders could be at risk if the selling pressure zone is not overcome.

Maker [MKR] has seen an impressive price surge in the past few weeks, rising from $504 to $746, offering investors over 45% gains. Despite the impressive growth, MKR is currently facing a critical selling pressure zone at the $720 mark which could attract more bears and drive down MKR’s prices.

The 12-hour chart of MKR shows a strongly bullish trend, with the Relative Strength Index (RSI) currently at 62 after facing rejection at the 50-mark. This indicates a bullish momentum as buying pressure increases with the rising volumes, as evidenced by the On Balance Volume (OBV). Additionally, the Money Flow Index (MFI) is also exhibiting an uptick, indicating that accumulation is underway.

MKR bulls could attempt to overcome the selling pressure zone and target the $832 resistance level in the coming days or weeks. However, they must also deal with the obstacle of $774. On the other hand, if the selling pressure zone is not overcome, bears could gain more control in the market, driving down MKR prices to $669 or $633.

Short-term MKR HODLers have seen gains, but long-term holders could be at risk if the selling pressure zone is not overcome. Therefore, it is important for MKR investors to keep a close eye on the market and take a calculated decision on when to enter and exit the market.