Decoding the reasons behind Maker’s [MKR] upward momentum

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. […]

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.Yet, Maker [MKR] continued to exhibit positive momentum on the daily timeframe despite what appeared to be a price decrease.

The Relative Strength Index 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.data, in the last 24 hours, traders betting on price movements have liquidated short positions worth almost $444,000.

In comparison, investors only liquidated long positions worth $27,000 in Maker throughout that time. Short sellers being forced to cover their positions usually leads to a sharp price rise.According to its Market Value to Realized Value ratio,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.

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