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- The Maker coin shows the solid bullish rally after reversing the monthly low of $955 Mark.
- The MKR coin is approaching the upper range of the Bollinger Bands indicator in terms of the daily price chart.
- The Maker coin concerning the Bitcoin pair is trading at 0.05399 Satoshis, with a gain of 5.5%.
Since the September 2021 decline, the Maker (MKR) technical chart has shown a sustained downturn in response to the downtrend line. Multiple reversals from this resistance point signal that traders are selling aggressively on a positive decline.
Maker coin has registered a 52-week low of $955 mark with the ongoing cryptocurrency crisis. Manage asset prices well above the $1000 conceptual round level; So this week the price of MKR coin surged and is up by over 35% so far.
Despite this fact, Maker investors are seeing a bullish weekend. Thus, the MKR token is trading at the $1616 mark at the time of writing. According to CMC, the market cap is present at $1.5 billion, an increase of about 8% compared to last night. Furthermore, Maker Coin belonging to the bitcoin pair is trading at 0.05399 satoshis, with an increase of 5.5%.
During a bullish rally, buyers can see a pullback near the $200 mark. Meanwhile, in terms of the daily price chart, the MKR coin is approaching the upper boundary of the Bollinger Bands indicator. And trading volume looked sideways at $252 million as of last night.
RSI shows solid recovery for Maker coin
In the context of the daily price chart, the RSI indicator has recovered from the selling pressure and has moved into an overbought zone. But on the other hand, MACD indicator has generated a bullish crossover but still remains in negative territory.
Conclusion
However, Maker investors are looking so aggressive; Hence, the bulls are celebrating a strong rally. At the same time, the bulls are likely to stop the most recent bullish hurdle at the $2000 mark.
Support level – $1200 and $1000
Resistance level – $1800 and $2000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
