MKR Technical Analysis: Ongoing Uptrend Aims To Reach $2500
The Maker token is used to govern the MakerDAO, a decentralized organization, and Maker Protocol, a software platform. The platform and the organization are built on the Ethereum blockchain. The blockchain lets users create and manage the stablecoin DAI.
MKR tokens are an alternative to voting shares for the company that runs DAI. While they don't pay dividends to their owners, they do grant holders the right to vote in the advancement of the Maker Protocol and are expected to increase in value depending on the success of DAI itself.
Let us move ahead to read about MKR technical analysis.
Past Performance of MKR
The MKR coin price shows a drastic growth of 30% in the past week with no signs of bearish candles in the bull run. The bull rally breaks above the resistance trendline of the falling wedge pattern and the $2000 mark. The price currently struggles to sustain above the selling pressure at the 50-day EMA coinciding with the $2200 mark.
MKR Technical Analysis
The MKR technical analysis shows the coin price posing a post-breakout bullish rally showing significant wick formation above the $2200 mark. Therefore, a struggle to sustain and overcome the selling pressure is evident by the price action.
The crucial Exponential Moving averages maintain a bearish alignment as the 50-day EMA provides dynamic resistance to keep bullish growth in check. Hence, the breakout of 50-day EMA can drive the prices to the 200-day average.
The MACD indicator shows a huge gap between the MACD and signal lines after the bullish crossover. The lines maintain an uptrend and might soon break above the zero line mark.
The RSI indicator shows a boom in buying pressure evident by the spike in the slope above the 50% mark and the 14-day SMA.
Therefore, the technical indicators suggest the solid uptrend in MKR token can breach the $2500 mark.
Upcoming Trend
The MKR coin price shows a solid post-breakout rally in action that can shortly overcome the selling above $2200. Therefore, buying opportunities above the 50-day EMA can achieve the target of reaching the 200-day EMA above $2500.
The ongoing bullish rally can find resistance near the 100-day EMA at $2385 and 200-day EMA at $2545.