Will MKR Surpass the Sticky $1600 Hurdle?

Daily Charts of Maker Exhibits Bullishness

On the daily chart, the MKR token pulled back post bottom-formation in the last few trading sessions. Moreover, the price action highlights the buying momentum and that the MKR token is ready to reach the immediate hurdle of $1600. 

The technicals are indicating that the MKR token has revamped from the 100-day EMA mark and formed a classic W pattern which suggests an upcoming wave toward $1600, followed by $1700. Per the Fib levels, the MKR token has sustained above the 50% zone and is looking to catch the 61.8% zone.

The RSI curve stayed in the overbought zone and displaying a positive divergence on the charts indicates bullishness.The MACD indicator showcased a bullish crossover and green bars on the histogram, suggesting outperformance in the upcoming sessions.

Will Maker (MKR) Token Reach $2000 by End of 2023?

On the weekly chart, the MKR token formed a double bottom pattern and rebounded from the demand zone of $500. Afterwards, buyers continued to accumulate and gained sharp momentum, leading to a massive surge. Additionally, the token has surpassed the key moving averages, highlighting the bullish dominance.

Summary

Maker token exhibits a double bottom formation and revamped from the lows of $500, highlighting bullishness on the chart. Moreover, the token persisted in forming higher highs as the bulls have kept their eyes on the round mark of $2000.

Technical Levels

Support Levels: $1500 and $1350

Resistance Levels: $1600 and $1750

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.