- MKR’s price shows strength as the price breaks out of a downtrend with good volume with eyes set on $1,200.
- MKR recovered from its low at $600 and rallied to an all-time high of $1,000. The price is now poised for a rebound as it eyes $1,200 as key resistance.
Most altcoins have been negatively affected by the price action of Bitcoin (BTC). Some have lost their main support but Maker Dao continues to demonstrate immersed strength, as prices break out from a long-term downtrend. Recently, the Consumer Price Index news (CPI) had a huge impact on the crypto market. BTC fell to $18,200 and then bounced to $19,000. However, Trust Wallet Token, among others, showed strong bullishness. Data from Binance
Weekly Chart Price Analysis of Maker DAO(MKR)
Previous weeks haven’t been the best for the crypto space and most projects as the CPI news negatively affected most projects as crypto assets struggled to secure their key support zone.
This news showed that Bitcoin (BTC), the price, had dropped to $18,200. Then, it bounced to $19,000. However, many crypto assets experienced a decline, and some of them lost support. But, MKR, which was strong before the weekly close, proved to be a great asset.
After dropping to a weekly lowest of $600, the price rose to a peak of $1,000. Bullish signals were evident as the price opened with a bullish candlestick and closed bullish.
MKR price formed a bullish structure. It could retest the $1,200 high if MRK price breaks. This resistance could act as resistance and we may see a price rally up to $1700. But, if MKR price falls, $850 could be a strong support zone.
Weekly resistance for the price of MKR – $1,200.
Weekly support for the price of MKR – $850.
MKR Price Analysis On A Daily (1D), Chart
MKR’s daily price action continues to be bullish. It trades above $850 of key support. The price also continues to follow this uptrend line. MKR will continue to have a bullish structure, with price rising higher as prices rise.
MKR is trading at a strong price, with the price not falling below its uptrendline. The resistance for breaking through above $1,200 will be a challenge.
Daily resistance for the MKR price – $1,200.
Daily support for the MKR price – $900.
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