Crypto analyst AMCrypto has shared insights into Maker (MKR)’s potential price trajectory. The analyst has highlighted a bullish recovery and a key level that could spark a “real rally” for Maker’s price.
MKR, which has experienced a 25% bounceback, has shown resilience at a well-established support level, yet remains within a broader downtrend. According to AMCrypto, the price needs to surpass $1,700 for a confirmed shift to a bullish rally.
What you'll learn 👉
Downtrend History and Key Support Zone
MKR has encountered two major downtrend phases since early 2021. The first began from a peak in early 2021, ending with MKR finding strong support around mid-2022. A second downtrend started after a rally in 2023, stretching into early 2024.
Throughout these declines, a solid support zone around the $1,000 mark has consistently provided a base, preventing further drops. This support has been tested multiple times, reinforcing its importance as a foundation for any bullish movement.
The recent bounceback, as noted by AMCrypto, aligns with this support area. The expert observed that buyers are consistently active here, which may serve as a launchpad for future rallies.
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Resistance Levels and Critical Breakout Point
AMCrypto points to the $1,700 level as MKR’s next substantial resistance, one that could signify a shift in momentum. Positioned near the second downtrend’s upper boundary, this resistance represents a crucial level for MKR. Analysts observe that surpassing this mark could invalidate the current downtrend, setting up MKR for a sustained rally.
The approach to $1,700 is crucial, as it has the potential to end MKR’s bearish trajectory and usher in a bullish phase. For traders and investors, this level will likely serve as an indicator of whether MKR is ready for a stronger upward move.
The bounce from MKR’s support zone lately has indicated a shift in momentum, with buyers actively accumulating near this level. AMCrypto’s analysis suggests that this bullish activity could carry MKR toward the $1,700 mark if buyer interest persists.
Hence, with a solid base established at the $1,000 support, the recent momentum suggests a potential change in trend.
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