Maker (MKR) has witnessed a remarkable growth in its value since its inception. It reached its all-time high of $6317 in May 2021, after starting the year at a mere $42. This means that the investors who bought MKR in January 2021 saw their returns multiply by almost 150 times in just five months.
However, this phenomenal rise was followed by a sharp decline, as many investors decided to cash out their profits at the peak. The price of Maker (MKR) plummeted to around $600, where it found a strong support level. It stayed in this range for about a year, until a new bullish trend emerged in June 2023. The price of MKR surged again, reaching $1644 on October 23rd, 2023.
However, the upward momentum of MKR seems to have slowed down in the last few days, as the price faces some resistance. At present, the current market price of MKR is $1460 and its trading volume as per CoinMarketCap has plummeted by 17.92% and stands at $97,769,081. In addition, the market cap has surged by 1.08% and stands at $1,427,277,966 and its circulating supply is 977,631 MKR.
Moreover, in the last three months, the MKR surged 26.45% and also surged 6.84% this week.
The technical analysis indicates that if MKR price can break the previous resistance levels of $1600 and $1644 it might continue its upward momentum. This will happen only if MKR can stabilize its ongoing rally and surpass the previous high.
On the other hand, if the Maker (MKR) price faces resistance and drops, then it might reach new support levels of $1330 and $1270 if the bulls lose strength and fail to hold the current level.
Is the Rally Going To Surge More and Reach the $2000 Mark?
At the time of publishing, Maker (MKR) is trading above the 20 and 50-day EMAs (exponential moving averages), indicating a bullish trend.
A bullish crossover has occurred as the MACD line (28.6) and the signal line (28.4) have moved above the zero line, indicating a possible change in the trend direction.
The RSI value (54) and the 14-day SMA (55) are both above the median line, suggesting a strong demand for the asset.
Conclusion
MKR is showing a positive trend at the time of publishing and a strong buying is observed on the charts. The technical indicators tools used to estimate the MKR price are showing gestures for more upside potential on the daily chart. The price action shows a positive price action in Maker (MKR) with a bold vision of an uptrend in the next sessions.
Technical Levels
- Support levels: $1330 and $1270
- Resistance levels: $1600 and $1644
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/26/mkr-2023-mkr-showed-a-good-rally-upward-will-mkr-reach-2000/