thenewscrypto.com
- Maker (MKR) has climbed over 11% in the last 24 hours.
- The price movements of Maker reveal a consolidating pattern with bullish control.
While August is concluding, the altcoin market has witnessed a remarkable surge in Maker (MKR), the governance token of the decentralized finance (DeFi) giant MakerDAO. Amidst an array of price fluctuations across the global cryptocurrency market, Maker stands out with an impressive 11% gain, reaching a value of $1,155.
This ascent comes at a time when the market leader, Bitcoin, struggles in the red. Notably, Maker’s trading volume has skyrocketed by 40.62% within a single day, showcasing the heightened interest in this altcoin. Over the past week, Maker has demonstrated its performance with a 6% increase in value.
Maker (MKR) Technical Analysis
On August 1st, the token surged to a one-year high price, solidifying its position as a leading player in the global crypto market, and recorded $1,342. Following that, MKR traded in the $1200 to $1000 range.
However, Maker’s recent price movements uncover a consolidating pattern, with bullish forces seemingly in control. The daily Relative Strength Index (RSI) hovers around the inflection point of neutral territory, marking a value of 55.53.
A promising scenario unfolds if Maker’s price continues its upward trajectory in a flag formation, potentially crossing above both the 50-day and 200-day moving averages. In the daily trading pattern, it becomes evident that MKR’s price could scale the heights of the $1,200 resistance level before observe any downward retracement. This upward momentum could then propel the bulls towards their next goal—the $1,350 resistance.
If bearish momentum takes control, the price of MKR could experience a decline towards support levels. The initial support sits at $1,044, followed by a potential dip further down to $826.