Maker (MKR) which operates on the Ethereum blockchain, has been making waves in the crypto community for its potential and recent market performance.
MKR, often referred to as a “god tier” chart by some enthusiasts, has been showing signs of a strong upward trend. It is believed to be fundamentally undervalued, and despite facing its fair share of criticism, it has managed to break out of a significant consolidation period. This breakout has led to a major price reclaim, with some predicting a significant surge in the near future.
The monthly chart for MKR has shown a positive trend, breaking upwards from a major support level and clearing key resistances. This bullish trend is only invalidated if the price falls below the last month’s candle, which seems unlikely given the current market sentiment.
There is a general consensus among traders that there is plenty of open air for MKR to reach the $2,000 area, a level that is expected to serve as a strong resistance point. However, the journey to this price point is not without its potential pitfalls. According to crypto trader Nebraskangooner, the monthly broke upwards from a major support and cleared both Gooner EMA resistances. He stated, “Looks like plenty of open air to the $2,000 area. That’s probably a strong resistance level.”
MKR has successfully broken its downtrend, and many traders are now waiting for a pullback to the $1160 level. This presents potential buy opportunities, with profit-taking targets set at $1283, $1370, and $1632. This strategy is common among traders who aim to maximize their profits while minimizing their risks.
However, not all market watchers are bullish on MKR. Some have pointed out a bearish wedge with bearish divergence, suggesting that traders should wait for an activation of a breakdown before shorting. There is a support level at $1161 that should be closely monitored.
Despite these concerns, MKR continues to show promise, especially with the potential for a descending channel breakout. Based on the data from CoinMarketCap, the current price of Maker (MKR) is $1,332.80, representing an 8.20% increase in the last 24 hours. The 24-hour trading volume stands at $142,121,274. The current market cap of MKR is approximately $1.3 billion, ranking it 40th in the global cryptocurrency market.
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