- Maker crypto price has surged by 20% in 3 days and has exceeded the 200-day EMA.
- The trading volume has increased by 82%, taking support at the trendline.
Since 2023, the MKR price has performed positively and gained 660% till March 2024, which shows overall bulls’ dominance. The bullish trend was interrupted near the $4000 hurdle and reacted negatively. The chart structure suggests that most investors prefer to book profits, which has led to a bearish momentum.
Maker crypto price has been in a bearish trend since the beginning of April and has lost around 40%. On a wider time frame, the Maker price was bullish at the time of writing and formed a base at the crucial level of the $2200 mark.
Technical Analysis of MKR Price in a Weekly Timeframe
When writing, the Maker crypto price traded at $2540 with an intraday gain of 3.58%. The market capitalization is $2.35 Billion, and the 24-hour trading volume is $117.04 Million. The fully diluted market cap is $2.55 Billion, and the circulating supply is 977,661 MKR.
Maker crypto price has been bullish and has risen by taking support on the trendline. The MKR price has taken support on the trendline and formed a bullish engulfing candlestick.
Suppose the running candlestick closes over the previous candle’s high; buyers may show interest in a bullish engulfing candlestick. According to the recent trend, buyers may lift the price to a new all-time high this year.
On the other hand, if the price slips below the trendline and sustains, sellers might take the charge and lead further. Strong selling pressure can be observed below the trendline.
Price vs. Social Dominance
Based on the data, social media interactions have increased in the past few days, which has positively impacted the price. Buying can be attracted if social media engagements like Instagram, X, and Telegram increase.
MKR Price Has Formed a Falling Wedge Pattern
In a daily time frame, the Maker crypto price has declined due to resistance from the trendline. Currently, the price has extended to the trendline and is yet to exceed. Strong buying pressure may lead to a breakout.
Buyers might lead the trend further if the MKR price triggers a breakout from the wedge and trading volume supports. Alternatively, bears may become stronger if the price faces resistance from the trendline and engulfs the previous candlestick.
Expecting a New All-time High?
The MKR price has been exhibiting both bullish and bearish signals. While it has shown positive performance in the long term, it has faced some challenges in the short term, leading to fluctuations in price.
The support at the trendline and the increased social media interactions are positive indicators for the price. However, the price needs to break through the current resistance levels and sustain the bullish momentum to reach higher marks.
Technical Levels
MKR crypto price is expected to face resistance from the $3200 and $4000 levels. The price may take support at the $2200 and $1600 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.