![Reasons Maker [MKR] could slip below the $900 level in the next few days](https://i.headtopics.com/images/2022/10/19/cryptoamb/reasons-maker-mkr-could-slip-below-the-900-level-i-reasons-maker-mkr-could-slip-below-the-900-level-i-1582817612471226368.webp)
Maker DAO’s MKR token was among the best performers in the last four weeks. Its bulls have dominated during this time but multiple factors currently suggest that they might be about to take a break. Here’s AMBCrypto’s price prediction for Maker [MKR] for 2022-2023 MKR traded at $1,116 at press time which represented an 89% […]
token was among the best performers in the last four weeks. Its bulls have dominated during this time but multiple factors currently suggest that they might be about to take a break.MKR traded at $1,116 at press time which represented an 89% upside from its latest local low of $581. An impressivewithin the last four weeks. Nevertheless, MKR’s bullish momentum was about to be disrupted, hence investors should watch for incoming sell pressure.
One of the reasons for the above expectation was that MKR retested a long-term descending resistance line. The latter has been active since August 2021 and has held strong so far. Interestingly, MKR’s price action just crossed above this same descending resistance line in the last two days. Subsequent upside has been limited since then.The impressive rally ensured that MKR’s price was already deep in overbought territory.
A look at the supply dynamics confirmed that MKR was currently facing a lot of incoming sell pressure. The supply held by top addresses grew substantially from 12 to 17 October. The same metric also confirmed sharp outflows in the last two days.The supply held by top addresses dropped almost to 12 October levels. If we use this to gauge the expected upcoming drop, then MKR’s price might drop below $900 in the next few days.
The retail segment will eventually mimic top addresses/whales, and when they do, MKR will experience heavy sell pressure. Although this outcome is highly probable, should also keep an eye out for the macro outlook. A major shift in favor of cryptocurrencies may support more upside, hence a non-zero chance of extended upside.Subscribe to get it daily in your inbox.
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