Maker (MKR) is currently demonstrating bullish moves with a notable 7% upswing, positioning it for a critical resistance test at $2,662. This surge indicates growing optimistic sentiment as key technical indicators suggest that the cryptocurrency could be on the cusp of a significant breakout. As the market shows green, expectations are high that Maker will maintain this momentum and push through the $2,662 resistance level, potentially paving the way for further gains.
The recent price movement of Maker, along with an analysis of technical indicators, provides a clear understanding of the cryptocurrency’s potential price trajectory. In the past 24 hours, Maker has surged by 7.01%, reaching approximately $2,133. It now boasts a market capitalization exceeding $1.9 billion and a trading volume surpassing $114 million at the time of writing. Maker’s market cap has jumped by 7.14%, while its trading volume has risen by an impressive 66.30%.
Currently, the price of Maker on the 1-hour chart is bullish, approaching the 100-day Simple Moving Average (SMA) and the critical $2,662 mark. The digital asset has been on an upward trajectory since it failed to break below the key level of $1,731, signaling that bulls are gaining control and could drive the price higher. Additionally, an analysis of the 1-hour Relative Strength Index (RSI) shows that the signal line of the indicator has successfully climbed above 50% toward 70%, suggesting increased buying pressure and the possibility of further upward movement.
On the 4-hour chart, even though Maker remains trading below the 100-day SMA, the asset is making a bullish push toward the 100-day SMA, evidenced by two bullish momentum candlesticks. Since its rebound at $1,731, Maker has demonstrated strong bullish resilience, maintaining its pace above this level. With this recent bullish sentiment, Maker could potentially extend its rally towards the $2,662 resistance level.
The RSI indicator on the 4-hour chart also indicates rising bullish momentum for Maker, as the RSI signal line has moved out of the overbought zone and is currently heading toward the 50% level. If the bulls can sustain their strength, Maker’s price will likely continue to move upward toward the $2,662 resistance level. Should the price break and close above this level, it may continue to rally toward the next resistance point at $3,222 and possibly even higher levels.
However, if Maker reverses direction at the $2,662 resistance level, it could begin to drop toward its previous support range at $1,731. If the price breaches this support range, it might signal a deeper bearish trend, leading to further price declines toward other lower levels. The future of Maker hinges on the forthcoming developments, as it navigates these critical resistance and support levels in the volatile cryptocurrency market.
 surges 7%, targeting a critical $2,662 resistance level. Analysts predict potential breakout as bullish momentum gains steam. Will MKR rally higher?){kind=link}