{"id":294466,"date":"2023-03-02T12:00:51","date_gmt":"2023-03-02T06:30:51","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=294466"},"modified":"2023-03-02T10:19:47","modified_gmt":"2023-03-02T04:49:47","slug":"maker-mkr-hit-a-key-resistance-level-will-shorting-yield-profit","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/maker-mkr-hit-a-key-resistance-level-will-shorting-yield-profit\/","title":{"rendered":"Maker [MKR] hit a key resistance level- Will shorting yield profit?"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">MKR reclaimed November\u2019s pre-FTX level.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The coin saw short-term sell pressure, which could undermine the uptrend momentum.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Maker\u2019s [MKR]<\/span><span style=\"font-weight: 400;\"> rally could slow down as it faces key obstacles on its upward trajectory. The token hiked by 16% and 20% in the past 24 hours and seven days, respectively, <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/maker\/\"><span style=\"font-weight: 400;\">according<\/span><\/a><span style=\"font-weight: 400;\"> to CoinMarketCap. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, it has reached a crucial resistance level of $915, which could derail the momentum of the uptrend.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/maker-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Maker\u2019s [MKR] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-24<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">In another new development, <\/span><span style=\"font-weight: 400;\">MakerDAO<\/span><span style=\"font-weight: 400;\"> has approved Aave\u2019s Direct Deposit Module with a debt ceiling of 5 million DAI units. The move is aimed at stabilizing the borrowing rate of DAI at 2%. The liquidity provision will also extend to Aave\u2019s rival, Compound Finance.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">D3M with debt ceiling of 5 million DAI deployed to <a href=\"https:\/\/twitter.com\/aaveaave?ref_src=twsrc%5Etfw\">@AaveAave<\/a> protocol.<\/p>\n<p>5 million of fresh DAI generated and supplied to <a href=\"https:\/\/twitter.com\/aaveaave?ref_src=twsrc%5Etfw\">@AaveAave<\/a> protocol&#39;s DAI market.<\/p>\n<p>\ud83c\udf0a\ud83c\udf0a\ud83c\udf0a <a href=\"https:\/\/t.co\/prTVJI9i4O\">pic.twitter.com\/prTVJI9i4O<\/a><\/p>\n<p>&mdash; Sky (@SkyEcosystem) <a href=\"https:\/\/twitter.com\/SkyEcosystem\/status\/1630662589439942661?ref_src=twsrc%5Etfw\">February 28, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h4>The $915 obstacle &#8211; Can bulls bypass it?<\/h4>\n<figure id=\"attachment_294467\" aria-describedby=\"caption-attachment-294467\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/pasted-image-0-34.png\"><img decoding=\"async\" class=\"size-full wp-image-294467\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/pasted-image-0-34.png\" alt=\"\" width=\"1950\" height=\"1109\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/pasted-image-0-34.png 1950w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/pasted-image-0-34-300x171.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/pasted-image-0-34-1024x582.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/pasted-image-0-34-768x437.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/pasted-image-0-34-1536x874.png 1536w\" sizes=\"(max-width: 1950px) 100vw, 1950px\" \/><\/a><figcaption id=\"caption-attachment-294467\" class=\"wp-caption-text\">Source: MKR\/USDT on TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">MKR consolidated within the $682 &#8211; $795 (orange parallel channel pattern) throughout February. However, it started March on a high note after inflicting a bullish breakout. It hit the $900 zone, reclaiming its pre-FTX levels and offering over 10% gains.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, $915 is a crucial resistance level, which could slow down the uptrend momentum. Notably, the RSI also hit the overbought zone, which could further fuel the probability of price reversal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A correction could see MKR settle at $884, $836, or the channel\u2019s upper boundary of $795. These levels could offer shorting opportunities if the correction is confirmed. Short-sellers should only make moves if MKR fails to close above $915.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A break above the $915 obstacle will invalidate the above bearish thesis. Such an upswing could push bulls to target $982 and $1100 &#8211; a 20% potential hike.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/maker-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MKR Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<h4>MKR saw short-term selling pressure alongside a negative sentiment<\/h4>\n<figure id=\"attachment_294468\" aria-describedby=\"caption-attachment-294468\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-15.13.53-01-Mar-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-294468\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-15.13.53-01-Mar-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-15.13.53-01-Mar-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-15.13.53-01-Mar-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-15.13.53-01-Mar-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-15.13.53-01-Mar-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-15.13.53-01-Mar-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-15.13.53-01-Mar-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-294468\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">According to Santiment, MKR\u2019s weighted sentiment dropped deeper into the negative territory. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, short-term sell pressure increased, as shown by a spike in supply on exchanges, indicating more MKR tokens were on sale as investors sought to lock in short-term profits. If the trend continues, MKR could fail to close above $915, giving bears more influence in the market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the Funding Rate remained positive, showing MKR was bullish in the derivatives market, which could boost further uptrend momentum.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion MKR reclaimed November\u2019s pre-FTX level. The coin saw short-term sell pressure, which could undermine the uptrend momentum.\u00a0 Maker\u2019s [MKR] rally could slow down as it faces key obstacles on its upward trajectory. The token<a href=\"https:\/\/ambcrypto.com\/maker-mkr-hit-a-key-resistance-level-will-shorting-yield-profit\/\">Continue reading <span class=\"sr-only\">&#8220;Maker [MKR] hit a key resistance level- Will shorting yield profit?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":294469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,23,4,20],"tags":[186],"class_list":["post-294466","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view","tag-maker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Maker [MKR] hit a key resistance level- Will shorting yield profit? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Maker\u2019s [MKR] rally could slow down as it faced key obstacles. 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