The Maker price has jumped ~10% over the past day, resulting in this altcoin successfully recording a bullish reversal. Moreover, with the technical sentiments and on-chain data favoring the project, the MKR coin hints at a promising bullish month.
Will this master protocol behind the DAI stablecoin continue gaining momentum and retest its upper target price of $2,000 this month? In this article, we have covered the in-depth price explanation and possible targets of the Maker (MKR) crypto token.
MKR Coin Price Records Increased Bullish Action!
With a strong bullish recovery in the crypto market, the Maker token has recorded a jump of 9.87% in the past 24 hours with a trading volume of $184.94 million. Following this, the MKR coin has reclaimed the $1.4k for the first time in about a month.
In the longer term perspective, this altcoin has formed a descending channel pattern and has continued to trade within it since August. Notably, with a market capitalization of $1.235 billion, it has secured the 62nd position in the market.
Maker Dao Technical Sentiments
The Moving Average Convergence Divergence (MACD) displays a constant rise in the green histogram with its averages recording a similar price action in the 1D time frame.
Further, the SMA indicator has experienced a positive crossover in the MKR price chart. This suggests that this Ethereum-based altcoin will continue gaining value in the upcoming time.
Will MKR Price Retest $2k This November?
If the bulls continue gaining momentum, the Maker coin price will prepare to retest its resistance trendline of the channel pattern. Maintaining the bullish sentiment could result in it heading toward its upper resistance level of $2,125 this month.
However, if a bearish reversal occurs, this could result in this altcoin retesting its import support trendline of $1,120. Further, if the bears outrun the bulls, this could result in it recording a new yearly low this Q4.
To understand the possibilities of this altcoin achieving the $5k level, read our Maker (MKR) Price Prediction article until 2030!
FAQs
At the time of writing, the value of 1 MKR crypto was $1,411.
If the bullish sentiment sustains, this altcoin may retest its yearly high during the upcoming time.
Considering the present market sentiments, this project is a high-risk investment.
