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Maker (MKR) price has been declining within a falling channel pattern and was edging closer to triggering a bullish reversal. It has completed its Elliott second bearish wave and is poised to form a third rising wave. That could trigger a 20% surge ahead.
The EMA lines are still in a bearish alignment, though a bullish crossover may be on the horizon. If buying pressure strengthens, the Maker price could break through the crucial resistance of $1280 in the coming sessions.
The recent rebound from the $1000 mark gives hope among the market participants. They anticipate that the MKR crypto may breach the declining trendline of $1200. However, it has struggled to sustain itself beyond the 20-day EMA mark.
Market Analysts Speak Out: Here’s Their Take
Amidst the ongoing downtrend, crypto analysts were guiding a bullish outlook. They suggested a trend reversal ahead. Analyst Ali Martinez recently posted a tweet on X, saying that the Tom Demark (TD) sequential indicator flashed a buy signal.
The TD Sequential just flashed a buy signal on the #Maker $MKR 3-day chart! RSI is in oversold territory, Stoch RSI shows a bullish crossover, and the MACD is on the verge of turning bullish. pic.twitter.com/MTyypqZ38F
— Ali (@ali_charts) October 28, 2024
The Stoch RSI showed a bullish crossover, and the MACD indicator was on the verge of turning bullish. Considering the TD sequential buy signal, Maker crypto rebounded from the channel’s lower territory. The token may retest the upper end of the channel.
Likewise, AltCryptoTalk is also bullish. He mentioned in his post that the MKR crypto took support near the lower end of the descending channel. It may go toward $1250 close to the upper end of the channel.
$MKR – @MakerDAO
— AltCryptoTalk (@AltCryptoTalk) November 1, 2024
The Difference Maker! 😎
The $1,000 support level aligns with the lower bound of the descending orange channel.
For a bullish shift in momentum, a break above the upper red trendline and the recent major high at $1,250 is required.🚀
Full analysis of the… pic.twitter.com/PEs7FqRgA9
The Maker price has retested the 23.6% support zone per the Fib retracement levels. It can go toward the 38.2% support zone.
Maker’s Sharpe Ratio reverted from the negative region. It was inching closer to the zero line. Buying Maker crypto at current price levels offers a better risk-to-reward ratio to capture significant gains in the upcoming sessions.
The Sharpe Ratio was currently noted around -3.42. That highlighted an ongoing bearish trend.
MKR Price Prediction: Is a Trend Reversal Imminent?
Maker price prediction highlighted that the altcoin has done its correction phase. It witnessed a bounce from the oversold region. Recently, the bulls have attempted to cross the 20-day EMA mark for a bullish breakthrough.
A closer look at the daily timeframe determines the bullish reversal. However, a close above the 20-day EMA would confirm the reversal. The Maker price was trading at $1186.90. It noted an intraday decline of over 2.74%.
On the bullish side, the price action reversed the lower trendline support. The Relative Strength Index (RSI) line was still below the midline region, 42 at press time.
Meanwhile, the Chaikin Money Flow (CMF) reading was still below the zero line. This meant significant liquidity exit from the market.
Meanwhile, the Open Interest (OI) has dropped over 4.30% to $84.95 Million. It depicted a long, unwinding move over the past 24 hours. The immediate support zones for MKR were $1120 and $1100. On the other hand, the upside barriers were $1220 and $1280.