• MKR offered investors over 45% gains in the past few weeks after rising from $504 to $746.
• Technical indicators showed a strongly bullish MKR with Relative Strength Index (RSI) at 62 and Money Flow Index (MFI) exhibiting an uptick.
• Short-term MKR HODLers had enjoyed massive gains since January 6.

The cryptocurrency asset Maker (MKR) has seen a massive surge in its price in the past few weeks, offering investors over 45% returns. After starting at $504, the digital asset has now reached $746, allowing short-term holders to enjoy considerable gains. However, MKR has been facing resistance at the $746 mark and could be in danger of falling back to its previous price level.

At the time of writing, MKR is trading at $716 and is at a critical selling pressure zone. This zone could attract more bears, scare away bulls, and drive down MKR’s prices. However, bulls still have a chance to overcome this obstacle and target the $832 resistance level in the near future. On the 12-hour chart, key technical indicators such as Relative Strength Index (RSI) and Money Flow Index (MFI) are showing a strongly bullish MKR. The RSI is currently at 62 and the MFI is exhibiting an uptick, indicating that accumulation is underway.

On the other hand, if the selling pressure zone is too strong, bears could take control of the market and drive MKR’s price down to $669 or $633. This would invalidate the bullish bias present in the market.

Short-term MKR holders have enjoyed massive gains since January 6, as evidenced by the positive 30-day holder distribution. Nevertheless, long-term holders have not seen any gains, and they could be in for a disappointment if the selling pressure zone is too strong.

Overall, MKR is currently in a precarious situation. Bulls must find a way to overcome the selling pressure zone and target the $832 resistance level. If successful, this could open up the possibility of MKR reaching the $800 region. On the other hand, if bears take control, MKR could fall back to its previous levels.