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- 1 The MKR token chart reflects consolidation at the top and is looking for a bounce.
- 2 Buyers are holding the round mark of $2000 and are facing pressure.
MKR Displays Sideways Movement On Daily Charts
Maker token (MKR) price stayed in a narrow range and witnessed low investor interest for the past few sessions. Recently, the token has seen a range breakout and climbed sharply above $2000, but the buying momentum could not continue longer, and the token hovered in a narrow range. However, the bulls held on to the $2000 mark, and are targeting $2200, followed by $2500.
The RSI curve stayed below the midline and witnessed profit booking in the last few sessions. Similarly, the MACD indicator shows a bearish crossover and indicates the retracement. However, the trend is intact, and bulls are looking for a rebound toward $ 2,200.
MKR Exhibits Rounding Bottom Formation, Could MKR Strike $2500?
On the weekly charts, the Maker price has rebounded from the bottom zone of $500 and noted a surge of over 250% in the past weeks. Moreover, the token has replicated a rounding shape of recovery and is anticipating a breakout soon. The token has climbed above multiple hurdles and decisively sustained above the 100-Day EMA mark. The mighty bears are looking trapped and bulls are showcasing their dominance and are waiting to stretch the rebound.
Summary
The Maker token (MKR) price has depicted a rebound and has decisively sustained gains above the $2000 mark. Additionally, the buyers are willing to stretch the pullback and have set their sights on the $2500 mark. Buyers persisted in accumulation, and a range breakout will be triggered in the following sessions.
Technical Levels
Support Levels: $2000 and $1800
Resistance Levels:$2300 and $2500
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.