Maker (MKR) has surged 17% over the last 24 hours, primarily fueled by aggressive long positioning in the futures market. The Open Interest Weighted Funding Rate reached 0.0170%, ranking as the third-highest level recorded this year, signaling strong leveraged bullish interest.
Contrasting this futures-driven rally, spot market activity shows significant profit-taking with over $1 million in MKR sell-offs. This divergence highlights trader caution despite the price surge, indicating concerns about the sustainability of current momentum.
Technical analysis suggests MKR may retest the $1,962 support level. Failure to hold this support could trigger a retracement below $2,000, while maintaining it might enable a push toward the $2,400 resistance zone. Bollinger Bands and a Money Flow Index reading of 66.62 indicate potential for rebound opportunities, with short-term pullbacks likely to attract renewed buying interest.
The ongoing tension between futures market optimism and spot market caution underscores uncertainty regarding MKR’s near-term trajectory as traders balance leveraged positions against technical indicators.