MKR Price Analysis: Will the Bullish Trend Continue?

Since 2023, the MKR price chart has displayed strong buying momentum. The token price reached a 52-week high during this period in the first week of April.

The price of the MKR token has risen significantly in 2023, displaying strong buying momentum. During this period, the token price reached a 52-week high in the first week of April. However, the bullish trend was interrupted near the $4000 hurdle, and the price failed to sustain above this level.

From the beginning of April, a bearish trend emerged in the Maker token price, which could be attributed to the large-scale profit booking activity. During this bearish momentum, the price dropped below the key moving averages, indicating a shift in market sentiment.

However, buyers managed to regain control and lift the price above the key moving averages in the second week of July. After the breakout from the 200-day EMA, the MKR crypto price encountered intense buying pressure, leading to a price surge.

Based on the chart structure, the Maker crypto price chart displayed wick rejection from the $2200 hurdle. Sellers attempted to drag the MKR price down for more than 2 weeks, but buyers stood firmly and won the battle.

Technical Analysis of MKR Price on a 1-D Timeframe

At press time, the Maker token price was trading at $2894, showing a 1.28% increase in the past 24 hours, with a market capitalization of $2.69 Billion and a trading volume of $126.27 Million.

On a daily time frame, the Maker crypto chart witnessed strong buying pressure after the breakout from the falling wedge pattern. During this buying momentum, the price declined by 8% on July 17. However, sellers did not seem interested in dragging down the price.

Buying pressure can be initiated if buyers defend the $2900 mark. The involvement of buyers may lead to a pullback, and strong buying pressure might be seen after the pullback.

On the other hand, if the MKR price fails to trigger a pullback, sellers may get the opportunity to initiate short positions. Investors may prefer to book profit if the price starts trading below the 200-day EMA, which could result in strong selling pressure.

According to the technical indicators, the MKR price has exceeded the key moving averages, showcasing the bullish trend. The RSI has formed a bullish divergence and rapidly recovered from the oversold zone.

Will the MKR Price Keep Surging?

Based on the technical analysis of the MKR price in a 1-D timeframe, strong buying pressure was evident, and a bullish trend was apparent. The breakout from the falling wedge pattern led to a price surge. Despite some fluctuations, the buyers showed resilience.

The involvement of buyers may lead to a pullback followed by strong buying pressure. However, if the price fails to trigger a pullback and starts trading below the 200-day EMA, it could result in strong selling pressure.

Essentially, the technical indicators and chart structure indicate a bullish trend for the MKR price.

Technical Levels

Maker crypto price can face resistance from the $3170 and $4000 levels. It may take support at the $2650 and $2100 levels.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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