- Maker price prediction focuses on the strong bullish reversal of MKR Coin
- MKR crypto price reported a year-to-date profit of 124.66%
- MKR token peaked at $1153, recording a new high since August 2022
Maker’s (MKR) price prediction indicates that the MKR crypto price has made a bullish reversal from its support level of $504. It was preceded by a bearish trend where the market witnessed a fall from its resistance level of $908. The market dropped 45% to the critical demand zone of $504 before it started its reversal. The buyers bought the dip aggressively, trapping the bears, who kept selling at the lows. Since then, the MKR coin has regained its bullish momentum.
At the time of writing, the current market price of Maker is $1149. The 24-hour trading volume surged 40.97%. The market is up 4.08% in the last 24 hours. The overall market cap of MKR is $1,123,184,039.
Can Maker Crypto Break the Resistance to the Upside?
Source: MKR/USDT 1D Chart by TradingView
Maker’s (MKR) price prediction shows how the bulls pulled the price from the bearish grips and sparked a trend reversal. The MKR crypto price has made a massive gain of 150% from its swing low. The escalation pushed the price to $1252, marking a new high since August 2022.
The MKR crypto price floats above the 200 EMA while bouncing off the 9 and 15 EMAs. This indicates a strong bullish momentum where the bulls are buying the dips. The price briefly pierced the resistance level of $1150. The MKR crypto must make a sustained breakout of the resistance to continue its bullish recovery to the upside.
Will Maker Sustain is Strong Uptrend?
Source: MKR/USDT by TradingView
The 4-hour chart shows a bullish market structure where the MKR crypto price climbs up while bouncing off an ascending trendline. This trendline has become a significant support level for the price. The 200 EMA floats close to the trendline, which makes this a key area of interest.
The volume can be seen declining with the rising price. The investors may be booking profits, which is reflected in the volume bars. This divergence may hint at a correction in the short term. Also, if the price falls below the ascending trendline, it may trigger a panic sell-off, where the price may decline aggressively.
RSI: The RSI indicator is currently at 66.29. It represents strong bullish conditions where the price may continue to rise until RSI subsides 50. Aggressive buying may happen if the RSI goes above 70
MACD: MACD made a bullish crossover above the 0 line. The correction is coming to an end the price may start moving up and continue climbing until MACD makes a bearish crossover
200 EMA: On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support, and the price may increase until it subsides the 200 EMA.
Conclusion:
Maker’s (MKR) price prediction indicates that the MKR crypto price has made a bullish reversal from its support level of $504. The bullish market sentiments increase the chance of higher prices in the short term. However, investors should be equally ready for pullbacks or reversals. The present volatility can test the patience of investors, and it would be wise to navigate the markets by using a good risk management plan.
Technical Levels
- Support Level: The nearest support level is $900
- Resistance Level: The nearest resistance level is $1300
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
