Maker

A technical analyst has issued a warning that MakerDAO (MKR) might be on the brink of a significant correction following an impressive 173% upward surge.Renowned crypto analyst Ali Martinez has raised an alert for MakerDAO investors. He identified a significant sell signal on the weekly chart following an impressive 173% surge in the altcoin.In a post shared via Twitter, Martinez noted that the TD Sequential indicator signaled a potential downturn for MKR. He pointed out indicators that the weekly close could be below $1,163, and this correction could likely extend to around $1,037.The TD Sequential indicator identifies potential trend reversals and exhaustion points. If this signal is confirmed, it would imply a loss of momentum in the recent upward movement, suggesting caution for investors.The critical level to watch is the 100-week moving average at $1,295. Ali also suggested that if MKR manages to close above this level, it could invalidate the suggested downtrend scenario indicated by the indicator.What&#39;s in store for MKR&#39;s price? This downturn follows significant gains made by the altcoin in June and July. The total increase of 78.19% over these two months underscored MKR&#39;s individual market potential for rallies.Interestingly, MakerDAO was already on an upward trajectory when XRP received legal clarity due to Judge Torres&#39; decision. The subsequent market-wide bullish sentiment propelled MKR&#39;s rally, driving its price from a low of $0.511 on June 10th to a 15-month high of $1.37 on August 8th.Unfortunately, the enthusiasm for investors quickly waned shortly after reaching the recent peak. The altcoin swiftly turned bearish in the two weeks following its peak of $1.37, which had held valid for the past two weeks. Yet, some investors have already begun opening short positions amid this decline.The price saw a notable 4% decline last week and today recorded a significant loss of 5.11%. This downtrend follows immediately after a prolonged consolidation phase observed last week.MakerDAO has continued to fight against bears by providing significant downside protection. However, it faced challenges in August, recording a 4.89% decrease. At the time of writing, MakerDAO is trading around $1,168.https://kriptoparahaber.com/populer-analist-mkr-tahminini-paylasti/

Prominent Analyst Shares Alarming MKR Prediction: Bears Return After Major Rally

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