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- 1 Maker price prediction says MKR might continue to perform well in January 2024.
- 2 The MKR price holds the $1300 support and showed a sharp bounce.
- 3 It respected the 200-day EMA support and regained the 50-day EMA.
Maker price prediction says this crypto might participate in the upcoming bull run and new highs may be visible. It took support near to the $1300.00 support and showed a sharp bounce. The price is rising upward by forming higher highs candles and racing toward the $1500 mark.
MKR price respected the 200-day EMA support and succeeded in pushing the price above the 50-day EMA. It showcases that the short-term trend as well as the positional trend is in the upward direction.
In the last three months, the MKR crypto tried thrice to take control of the $1600 supply zone. However, every attempt failed and the price reverted slowly downward and eroded the gains.
Maker price is recovering and bulls seem to be returning back on track. If the momentum continues and buyers succeed in achieving the $1500 mark, then the next phase of the rally might trigger. The possibility of reaching $1600 will be substantially high in that scenario.
Currently, the MKR price is trading at $1463 with an intraday uptick of 3.47%. In the last 24 hours, the volume-to-market cap ratio stands at 0.0456.
Will Maker Price Retest the Previous Swing Highs?
Maker price is in the bulls’ grip and the dominance of buyers is clearly visible on the chart. It formed a strong base near $1300 so the downside risk looks limited.
Until the price sustains above the 50-day EMA, the buyers will remain active, and more upward momentum is possible.
The chart pattern of MKR crypto favors the bulls and the price action also suggests that the recent move is powerful. Therefore, investors may look to accumulate MKR to generate nominal returns.
Will the MKR Price Give Follow-Up Momentum?
MKR price rose 6% in the current week and formed a mildly bullish pattern. The trading volume is also rising, which indicates that short-term traders are actively participating in the upward momentum.
The MACD curve displayed a positive crossover and the histogram bar is forming higher high bars. It shows that the strength of the bulls and more scope of upside is open. The RSI curve at 64 pointing north denotes that buyers are winning the battle and the price is getting ready to hit new highs.
Conclusion
Maker price prediction remains bullish for January 2024 as long as it sustains above $1300. The chart pattern of MKR favors the bulls and suggests a new swing may be visible soon. Therefore, investors can look to buy or accumulate this crypto to generate nominal returns in the future.
Technical levels
- Resistance levels: $1560 and $1653
- Support levels: $1300 and $1244
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.