Maker Price Prediction: MKR Price prepares to hit $1000 Mark

• Maker Price Prediction is highly bullish and suggests a significant rise is possible in the long run. 
• MKR Price shot up 22% in the previous week and is trying to sustain the price above $900.00.
• The Maker Price sustains above the 50 and 200 day EMA showcases uptrend.

Maker Price Prediction suggests a rise in the long run and the $1000 mark looks achievable. MKR Price has formed a double bottom pattern and buyers are trying to break out of the neckline hurdle. 

Maker Price rallied 80% approx from the recent swing low and succeeded to climb above the 50 and 200 day EMA. It shows that the trend has reversed in the upward direction and bulls seem to be returning back to the track. 

For the past few months, Maker Price consolidated in the narrow range between $600.00 to $800.00 and showed signs of base formation. Recently, buyers succeed to break the higher range and prices expanded upward. 

The sudden spike in the buying volume increases the reliability of the breakout. It showcases some genuine investors who might have turned bullish and taken long positions. 

Maker Price is trading at $907 with an intraday rise of 5.59%. The 24 hour volume to market cap is 9.05%. The pair of MKR/BTC is trading at 0.02982 with an intraday rise of 6.08%. 

The chart structure of MKR with the Bitcoin pair is also turning bullish indicates buyers are getting active on both the pairs.

Will Maker Price be able to break out of the $1000 hurdle?

MKR/USDT daily chart by TradingView

Maker Price has performed well in the previous month and rewarded the short term bullish traders. MKR Price looks mildly overstretched and racing toward the supply zone. So, Prices might consolidate for some time in the narrow range before deciding the further direction. 

Till the MKR Crypto Price is sustaining above the $800.00 level any short term down move will easily get absorbed by the buyers. Well, if the buyers succeed to hold the price above the $900.00 then the probability of the breakout will increase substantially. 

However, if the Maker Price faces rejection from the $1000 level then it may try to retrace down to the EMAs. The technical analysis suggests, MKR Price is in bulls grip and preparing for the massive breakout. 

MKR Price engulfs the losses of past 8 weeks

MKR Price formed a bullish engulfing pattern on the weekly time frame which engulfed the losses of the past 8 weeks. 

The crypto leader Bitcoin Price is bullish and consolidating above $30K levels showcase the positive sentiment. If BTC Price begins to rise upward then it will impact the MKR crypto which will further boost the confidence of investors. 

The MACD generated a positive crossover and the curve continues to rise upward indicating the momentum might continue. The RSI at 78 pointing north, reaching the overbought territory denotes the strength of bulls. But, short term cool off from the higher levels is also possible.

Conclusion

Maker Price Prediction is highly bullish and suggests a significant rise in the value is possible in the long run. The recent up-move in MKR Price looks reliable and it is likely to hold the $800.00 level. 

The technical analysis suggests, MKR Price is in bulls grip and probability of $1000.00 breakout is high. 

Technical levels

Resistance levels: $986.00 and $1172.00

Support levels: $800.00 and $700.00

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.