Manufacturer Maker (MKR) is currently showing bullish movements with a 7% rally, which positions it for a critical resistance test at $2,662. This surge reflects a growing bullish sentiment as key technical indicators suggest that the cryptocurrency could be on the verge of a significant breakout. As the market turns green, expectations are for Maker price to maintain this momentum and break above the $2,662 resistance level, potentially setting the stage for further gains.
This article aims to provide a clear understanding of the potential price of Maker. path analyzing recent price movement, exploring technical indicators and assessing the importance of the $2,662 resistance level.
Over the past 24 hours, Maker has gained 7.01% to around $2,133, with a market cap of over $1.9 billion and trading volume exceeding $114 million at the time of writing. market The market capitalization has increased by 7.14%, while its trading volume has increased by 66.30%.
Understanding the 7% Surge: What’s Driving Maker’s Momentum?
Currently, the Maker price on the 1-hour chart is bullish and is approaching the 100-day simple moving average (SMA) and the $2,662 mark. The digital asset has been on an upward spiral since it failed to break below the key $1,731 level, indicating that bulls are gaining control of the market and could push the price higher.
Moreover, an analysis of the 1-hour Relative Strength Index (RSI) shows that the indicator’s signal line has successfully broken above the 50% level towards the 70% level, suggesting that buying pressure is increasing considerably and the asset could experience further upward movement.
On the 4-hour chart, although Maker is still trading below the 100-day simple moving average (SMA), it can be seen that the crypto asset is attempting a bullish move towards the 100-day simple moving average (SMA), printing two bullish momentum candles.
Following the rally at $1,731, Maker has shown bullish resilience, maintaining its pace above this level. With this recent bullish sentimentThe digital asset could extend its rally towards the resistance level of $2,662.
Finally, on the 4-hour chart, the RSI indicator is also indicating increasing bullish momentum for the cryptocurrency as the RSI signal line has broken out of the overbought zone and is currently heading towards the 50% level.
Breaking $2,662: What it could mean for Maker’s future
If the bulls can maintain their strength in the market, Maker price will continue to rise towards the resistance level of $2,662. If the price breaks and closes above the $2,662 level, it could continue to rise towards the next resistance point at $3,222 and possibly other levels.
However, if Maker reverses direction at the resistance level of $2,662, it would start to fall towards the direction of its previous level. support support range of $1,731. When the price breaks this support range, it could signal a deeper downtrend, leading to further price declines towards other lower levels.
Featured image from Adobe Stock, chart from Tradingview.com
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