MKR Technical Analysis: Will MKR Prices Reach The $1400 Mark?
Table of contents
Key Technical Points:
Past Performance of MKR
The MKR price action forms an ascending triangle pattern in the daily chart, with the $1040 horizontal level acting as the overhead resistance. The recent bull cycle from the supporting trendline results in the bullish breakout of the triangle pattern. Moreover, the breakout relay reaches the 100-day SMA before taking a turnaround to retest the bullish breakout.
Source - Tradingview
MKR Technical Analysis
The MKR price showcases a daily growth of 2.78%, reflecting a successful post-retest reversal. In addition, if the daily candle sustains above $1040, traders can expect a bull run to the $1400 mark.
The bullish reversal after the successful retest teases a breakout of the 100-day SMA. Moreover, the bullish reversal in the 50-day SMA reflects an increase in the underlying bullishness.
Despite a recent correction, the daily-RSI slope holds above the neutral line indicating the market participants feel optimistic about the Maker (MKR) coin.
The MACD indicator prevents a bearish crossover amid the retracement phase, indicating the buyers hold a firm grip on the coin. Furthermore, the expected spread between these slopes will reflect growth in bullish momentum.
Hence the technical indicators maintain a negative point for the upcoming Maker price trend.
In a nutshell, the MKR technical analysis shows the technical indicators opposing the bullish view of the price action teasing a reversal from the opposing SMA.
Upcoming Trend
If the Maker prices sustain above the $1040 mark, the possibility of a bull run to $1400 increases after exceeding the 100-day SMA.
Conversely, a bearish reversal might retest the 50-day SMA, accounting for a 10% drop.
Resistance Levels: $1200 and $1400
Support Levels: $1000 and $950