{"id":294685,"date":"2023-03-03T12:00:03","date_gmt":"2023-03-03T06:30:03","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=294685"},"modified":"2023-03-03T11:47:58","modified_gmt":"2023-03-03T06:17:58","slug":"decoding-the-reasons-behind-makers-mkr-upward-momentum","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/decoding-the-reasons-behind-makers-mkr-upward-momentum\/","title":{"rendered":"Decoding the reasons behind Maker&#8217;s [MKR] upward momentum"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Maker [MKR] has been moving upward for the past 72 hours.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The recent surge caused short positions to be liquidated.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Short sellers were forced to cover their bets on <a href=\"http:\/\/ambcrypto.com\/maker-mkr-hit-a-key-resistance-level-will-shorting-yield-profit\/\" target=\"_blank\" rel=\"noopener\">Maker<\/a> [MKR] after the asset experienced a sudden and dramatic price increase. The MVRV has shifted position due to the recent pricing movement, making it overvalued.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/maker-price-prediction\" target=\"_blank\" rel=\"noopener\">Maker [MKR] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<h3><strong>Maker trends upwards<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\"><a href=\"http:\/\/ambcrypto.com\/makerdao-proposes-changes-post-recent-bull-cycle-details-inside\/\" target=\"_blank\" rel=\"noopener\">Maker&#8217;<\/a>s [MKR] movement had increased before 2 February. As of press time, it had climbed by 17.21%, which meant that it had increased by approximately 29% during the previous four days. But at the time of writing, it was trading at about $882 and had lost more than 4% of its value.<\/span><\/p>\n<figure id=\"attachment_294688\" aria-describedby=\"caption-attachment-294688\" style=\"width: 1415px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MKRUSD_2023-03-02_14-43-30.png\"><img decoding=\"async\" class=\"size-full wp-image-294688\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MKRUSD_2023-03-02_14-43-30.png\" alt=\"Maker (MKR) price move\" width=\"1415\" height=\"809\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MKRUSD_2023-03-02_14-43-30.png 1415w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MKRUSD_2023-03-02_14-43-30-300x172.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MKRUSD_2023-03-02_14-43-30-1024x585.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/MKRUSD_2023-03-02_14-43-30-768x439.png 768w\" sizes=\"(max-width: 1415px) 100vw, 1415px\" \/><\/a><figcaption id=\"caption-attachment-294688\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Yet, Maker [MKR] continued to exhibit positive momentum on the daily timeframe despite what appeared to be a price decrease. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Relative Strength Index (RSI) was still heading higher than 60 and was over the neutral line. Also, it was apparent that the price drop had sparked a price correction. The fall caused the RSI to leave its previous overbought area.<\/span><\/p>\n<h3><strong>Short positions suffer liquidations<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">According to <a href=\"https:\/\/www.coinglass.com\/LiquidationData\" target=\"_blank\" rel=\"noopener\">CoinGlass<\/a> data, in the last 24 hours, traders betting on price movements have liquidated short positions worth almost $444,000. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In comparison, investors only liquidated long positions worth $27,000 in Maker (MKR) throughout that time. Short sellers being forced to cover their positions usually leads to a sharp price rise.<\/span><\/p>\n<figure id=\"attachment_294690\" aria-describedby=\"caption-attachment-294690\" style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/bybt_chart-2.png\"><img decoding=\"async\" class=\"size-full wp-image-294690\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/bybt_chart-2.png\" alt=\"Maker short and long positions\" width=\"1233\" height=\"500\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/bybt_chart-2.png 1233w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/bybt_chart-2-300x122.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/bybt_chart-2-1024x415.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/bybt_chart-2-768x311.png 768w\" sizes=\"(max-width: 1233px) 100vw, 1233px\" \/><\/a><figcaption id=\"caption-attachment-294690\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<h3><strong>MVRV and TVL flash positive signs<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">According to its Market Value to Realized Value ratio, <a href=\"http:\/\/ambcrypto.com\/makers-mkr-consolidation-phase-underway-is-a-10-hike-likely\/\" target=\"_blank\" rel=\"noopener\">Maker<\/a>\u00a0has been overvalued from the beginning of the year (MVRV). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of this writing, the asset was high in the overvalued area because the 30-day MVRV was approximately 13.75%. Even though the current position is lucrative for the investors, it was still expensive to take a new position.<\/span><\/p>\n<figure id=\"attachment_294691\" aria-describedby=\"caption-attachment-294691\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-14.55.05-02-Mar-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-294691\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-14.55.05-02-Mar-2023.png\" alt=\"MKR 30-day MVRV\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-14.55.05-02-Mar-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-14.55.05-02-Mar-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-14.55.05-02-Mar-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-14.55.05-02-Mar-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-14.55.05-02-Mar-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Maker-MKR-14.55.05-02-Mar-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-294691\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The Total Value Locked on Maker (MKR) reflects the favorable price trend of MKR. According to an observation, the TVL was briefly picking up in January. The network&#8217;s TVL stood at 7.23 billion as of this writing per <a href=\"https:\/\/defillama.com\/protocol\/makerdao\" target=\"_blank\" rel=\"noopener\">DefilLlama<\/a>.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are 1,10,100 MKRs worth today?<\/p>\n<hr \/>\n<h3><strong>Annual fee down, debt ceiling up<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">In response to feedback from the most recent round of the Executive Vote poll, Maker <a href=\"https:\/\/twitter.com\/MakerDAO\/status\/1630945462109847554\" target=\"_blank\" rel=\"noopener\">announced<\/a> on 1 March that a new pricing structure had been implemented. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the announcement, the latest annual fee schedule was now 0.5%. The debt ceiling was also raised from 5 million DAI to 10 million DAI, signaling a lowering of restrictions on borrowing.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Maker [MKR] has been moving upward for the past 72 hours. The recent surge caused short positions to be liquidated. Short sellers were forced to cover their bets on Maker [MKR] after the asset experienced a sudden and dramatic price increase. The MVRV has shifted position due to the recent pricing movement, making it overvalued.<a href=\"https:\/\/ambcrypto.com\/decoding-the-reasons-behind-makers-mkr-upward-momentum\/\">Continue reading <span class=\"sr-only\">&#8220;Decoding the reasons behind Maker&#8217;s [MKR] upward momentum&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":294697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[186],"class_list":["post-294685","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-maker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Decoding the reasons behind Maker&#039;s [MKR] upward momentum - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Maker (MKR) has been on an impressive run that has seen short positions liquidated, pushing it into the overvalued region.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/decoding-the-reasons-behind-makers-mkr-upward-momentum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Decoding the reasons behind Maker&#039;s [MKR] upward momentum - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Maker has been moving upward for the past 72 hours. 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