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Decoding the reasons behind Maker’s [MKR] upward momentum
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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.Read Maker [MKR] Price Prediction 2023-24 Maker’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.Source: TradingView Yet, Maker [MKR] continued to exhibit positive momentum on the daily timeframe despite what appeared to be a price decrease.
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