thecoinrepublic.com
- 1 Maker’s price (MKR) is up by 1.90% in the past 24 hours and is currently trading at $1132.50.
- 2 Maker (MKR) price trying to sustain near the key moving average of 50-day EMA.
- 3 MKR price forms a symmetrical triangle pattern over the daily chart.
The price prediction of the Maker over the weekly chart shows that the coin price has shown a continuous incline for 8 weeks since June 2023. The coin gained nearly 90% in the 2 months.
However, the coin could not continue with the momentum in August month and fell nearly 13%. The price dropped below the key moving average of 50-day EMA and consolidated to regain buyers’ support. Still, the coin stands at a gain of nearly 75% in the last 3 months.
The daily chart shows that the Maker crypto price is trying to form a symmetrical triangle pattern and consolidating near the upper trend line of the triangle pattern.
Maker (MKR) is the token that powers the MakerDAO and Maker Protocol, both based on Ethereum. They enable users to create and manage DAI, a decentralized stablecoin pegged to the US dollar. Maker was first envisioned in 2015 and fully launched in 2017. Its main goal is to operate DAI, a community-driven cryptocurrency with a stable value.
Maker Price Forming A Symmetrical Triangle Pattern
The Maker price is currently trading at $1132.5 and consolidating near the upper trendline of the symmetrical triangle pattern. The long-term outlook of the price trend is optimistic.
Analysts say that the price trend is indecisive until the price remains in a symmetrical triangle pattern. The breakout of the pattern may invite more buying volume to add up and the coin price may surge to the upper supply levels.
However, the breakdown of the pattern may turn the short-term trend bearish and sellers might try to dominate the market and decline the price to lower levels.
Technical Indicators Showing Strength Over The Daily Chart
MACD lines are showing a bullish crossover. Also, histogram bars are being formed above the mean line indicating the crypto price may possibly show a breakout.
The EMA analysis shows that the MKR price trades above the 200 EMA indicating bullishness in the long-term trend.
At the time of publishing, the RSI value of the MKR token is 52.89 and that of the SMA line is 48.46. RSI is headed upwards taking support from the SMA line indicating the dominance of buyers in the market.
Conclusion
The Maker price has been rising for 8 weeks since June 2023, gaining 90%. However, it dropped 13% in August and fell below the 50-EMA. The price is forming a symmetrical triangle pattern and consolidating near the upper trendline. The long-term outlook is positive. The price may break out of the pattern and surge to higher levels or break down and fall to lower levels. The price trend is uncertain until the pattern is resolved. The Maker price is trading at $1132.5.
Technical Levels
- Support levels: $999.9 and $899.3
- Resistance levels: $1153.7 and $1252.3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.